Published on 3/2/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.51 million 12.5% autocallables tied to three stocks
By Susanna Moon
Chicago, March 2 – Barclays Bank plc priced $2.51 million of 12.5% autocallable notes due Feb. 28, 2019 linked to the least performing of the common stocks of Nordstrom, Inc., Wal-Mart Stores, Inc. and Macy’s 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 any quarterly determination date beginning on May 23, 2017.
The payout at maturity will be par unless any stock finishes below its initial level and any stock ever closes below its below its 50% knock-in level during the life of the notes, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by the initial share price, or at the issuer’s option, the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable notes
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| Underlying stocks: | Nordstrom, Inc. (Symbol: JWN), Wal-Mart Stores, Inc. (Symbol: WMT) and Macy’s Inc. (Symbol: M)
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| Amount: | $2,508,000
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| Maturity: | Feb. 28, 2019
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| Coupon: | 12.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock falls and any stock ever dips below 50% barrier, in which case number of physical delivery shares
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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: | $46.46 for Nordstrom, $72.39 for Wal-Mart and $33.17 for Macy’s
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| Barrier prices: | $23.23 for Nordstrom, $36.20 for Wal-Mart and $16.59 for Macy’s; 50% of initial prices
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| Physical delivery shares: | 21.52389 shares for Nordstrom, 13.81406 shares for Wal-Mart and 30.14772 shares for Macy’s
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| Pricing date: | Feb. 24
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| Settlement date: | Feb. 28
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| Agent: | Barclays
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| Fees: | 2.625%
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| Cusip: | 06741WCE8
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