Published on 1/12/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.35 million three-year phoenix autocallables tied to bank stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 12 – Barclays Bank plc priced $7.35 million of phoenix autocallable notes due Jan. 14, 2021 linked to the least performing of the common stocks of JPMorgan Chase & Co., Wells Fargo & Co., Bank of America Corp. and Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.5% if each stock closes at or above its 65% coupon barrier on the observation date for that month.
After six months, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any observation date other than the final date.
The payout at maturity will be par unless any stock finishes below its 65% barrier level, in which case investors will be fully exposed to any losses to 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 stocks: | JPMorgan Chase & Co. (Symbol: JPM), Wells Fargo & Co (Symbol: WFC), Bank of America Corp. (Symbol: BAC) and Citigroup Inc. (Symbol: C)
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| Amount: | $7,345,000
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| Maturity: | Jan. 14, 2021
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| Coupon: | 8.5% annualized, payable monthly if each stock closes at or above 65% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes below 65% barrier, in which case 1% loss for each 1% decline of worst performing stock
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| Call: | After six months at par plus contingent coupon if each stock closes at or above initial level on any observation date other than final date
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| Initial levels: | $110.25 for JPMorgan, $63.12 for Wells Fargo, $30.55 for Bank of America and $75.65 for Citi
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| Barrier levels: | $71.66 for JPMorgan, $41.03 for Wells Fargo, $19.86 for Bank of America and $49.17 for Citi; 65% of initial levels
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| Pricing date: | Jan. 10
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| Settlement date: | Jan. 16
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| Agent: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06741WDM9
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