Published on 5/6/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million 8.5% autocallables on four insurance stocks
By Marisa Wong
Morgantown, W.Va., May 6 – Barclays Bank plc priced $2.5 million of 8.5% autocallable notes due Oct. 30, 2017 linked to the least performing of the common stocks of UnitedHealth Group Inc., Aetna Inc., Cigna Corp. and MetLife, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial level on quarterly call date.
The payout at maturity will be par unless any stock finishes below its barrier level, 65% of its initial price, in which case investors will be fully exposed to any losses of the worst performing stock. The issuer may also elect to exercise the physical settlement option, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by the initial price of that stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable notes
|
| Underlying stocks: | UnitedHealth Group Inc. (Symbol: UNH), Aetna Inc. (Symbol: AET), Cigna Corp. (Symbol: CI) and MetLife, Inc. (Symbol: MET)
|
| Amount: | $2.5 million
|
| Maturity: | Oct. 30, 2017
|
| Coupon: | 8.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its barrier price, in which case full exposure to any losses of the worst performing stock or, if issuer exercises physical settlement option, a number of shares of the worst performing stock equal to $1,000 divided by the initial price of that stock
|
| Call: | At par if each stock closes at or above initial price on quarterly call date
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| Initial prices: | $134.24 for UnitedHealth, $115.77 for Aetna, $140.68 for Cigna, $46.72 for MetLife
|
| Barrier prices: | $87.26 for UnitedHealth, $75.25 for Aetna, $91.44 for Cigna, $30.37 for MetLife; 65% of initial prices
|
| Pricing date: | April 26
|
| Settlement date: | April 29
|
| Underwriter: | Barclays
|
| Fees: | 3%
|
| Cusip: | 06741WBP4
|
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