Published on 8/20/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $500,000 phoenix autocallable notes on three stocks
By Wendy Van Sickle
Columbus Ohio, Aug. 20 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due Aug. 16, 2023 linked to the least performing of the Bank of America Corp., JPMorgan Chase & Co. and American Express Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.85% if each asset closes at or above its 65% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus any coupon, unless any asset finishes below 65% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Bank of America Corp., JPMorgan Chase & Co., American Express Co.
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| Amount: | $500,000
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| Maturity: | Aug. 16, 2023
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| Coupon: | 9.85% annualized, payable quarterly if each asset closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any asset finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing asset
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any quarterly call observation date after six months
|
| Initial level: | $26.92 for BofA, $103.82 for JPMorgan, $103.26 for American Express
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| Coupon barriers: | $17.50 for BofA, $67.48 for JPMorgan, $67.11 for American Express; 65% of initial levels
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| Final barriers: | $17.50 for BofA, $67.48 for JPMorgan, $67.11 for American Express; 65% of initial levels
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 14
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06747QE29
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