Published on 8/11/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.85 million phoenix autocallables on financial stocks
By Marisa Wong
Morgantown, W.Va., Aug. 11 – Barclays Bank plc priced $1.85 million of phoenix autocallable notes due Aug. 12, 2019 linked to the least performing of the common stocks of JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp., 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% if each stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each underlying stock closes at or above its initial level on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless any underlying asset finishes below its 70% 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: | Phoenix autocallable notes
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| Underlying assets: | JPMorgan Chase & Co. (Symbol: JPM), Wells Fargo & Co. (Symbol: WFC) and Bank of America Corp. (Symbol: BAC)
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| Amount: | $1.85 million
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| Maturity: | Aug. 12, 2019
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| Coupon: | 9% per year, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier level, in which case 1% loss for each 1% decline of worst performing stock
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| Call: | At par if each underlying asset closes at or above its initial level on any quarterly observation date
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| Initial prices: | $92.50 for JPMorgan, $53.40 for Wells Fargo, $24.37 for Bank of America
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| Coupon barriers: | $64.75 for JPMorgan, $37.38 for Wells Fargo, $17.06 for Bank of America; 70% of initial prices
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| Barrier levels: | $64.75 for JPMorgan, $37.38 for Wells Fargo, $17.06 for Bank of America; 70% of initial prices
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| Pricing date: | Aug. 3
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| Settlement date: | Aug. 10
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| Agent: | Barclays
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| Fees: | 1.35%
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| Cusip: | 06744CFZ9
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