Published on 3/5/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $866,000 20.1% phoenix autocalls tied to stocks
By Susanna Moon
Chicago, March 5 – Barclays Bank plc priced $866,000 of phoenix autocallable notes due Feb. 17, 2022 linked to the lesser performing of the American Depositary Shares of Alibaba Group Holding Ltd. and the common stocks of Broadcom Ltd. and American Airlines Group 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 20.1% if each underlying stock closes at or above its 65% coupon barrier on the observation date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any call observation date other than the final date.
The payout at maturity will be par unless any underlying stock finishes below its 60% trigger level, in which case investors will be fully exposed to any losses 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 stocks: | Alibaba Group Holding Ltd. (Symbol: BABA), Broadcom Ltd. (Symbol: AVGO) and American Airlines Group Inc. (Symbol: AAL)
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| Amount: | $866,000
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| Maturity: | Feb. 17, 2022
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| Coupon: | 20.1% 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 60% trigger, in which case 1% loss per 1% decline of worst performing stock
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any observation date other than final date beginning with the sixth observation date
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| Call option: | At par on any interest payment date
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| Initial levels: | $186.76 for Alibaba, $247.66 for Broadcom and $51.07 for American
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| Coupon barriers: | $121.39 for Alibaba, $160.98 for Broadcom and $33.20 for American; 65% of initial levels
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| Trigger levels: | $112.06 for Alibaba, $148.60 for Broadcom and $30.64 for American; 60% of initial levels
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| Pricing date: | Feb. 14
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| Settlement date: | Feb. 20
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| Agent: | Barclays
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| Fees: | 2.65%
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| Cusip: | 06744CVV0
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