Published on 2/28/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.4 million of autocallable notes tied to three stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 28 – Barclays Bank plc priced $6.4 million of 10% autocallable notes due Feb. 28, 2019 linked to the least performing of the common stocks of Marathon Oil Corp., Chevron Corp. and Valero Energy Corp., 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 any quarterly determination date beginning on May 23, 2017.
The payout at maturity will be par unless any stock finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Autocallable notes
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Underlying stocks: | Marathon Oil Corp., Chevron Corp. and Valero Energy Corp.
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Amount: | $6,401,000
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Maturity: | Feb. 28, 2019
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Coupon: | 10%, payable monthly
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Price: | Par of $1,000
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Payout at maturity: | Par unless any stock finishes below its barrier price, in which case investors will lose 1% for each 1% decline of the worst performing stock
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Call: | At par if each stock closes at or above its initial level on any quarterly determination date beginning May 23, 2017
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Initial prices: | $15.98 for Marathon, $111.02 for Chevron, $67.03 for Valero
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Barrier prices: | $7.99 for Marathon, $55.51 for Chevron, $33.52 for Valero; 50% of initial prices
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Agent: | Barclays
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Fees: | 3%
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Cusip: | 06741VJQ6
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