Published on 4/2/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.06 million 5.25% phoenix autocalls tied to stocks
By Susanna Moon
Chicago, April 2 – Barclays Bank plc priced $1.06 million of phoenix autocallable notes due March 19, 2020 linked to the American Depositary Shares of Alibaba Group Holding Ltd. and the common stocks of Lululemon Athletica Inc. and Target 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 5.25% if each underlying asset closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any call valuation date.
The payout at maturity will be par unless any underlying asset falls by more than 35%, in which case investors will be fully exposed to any losses.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying asset: | Alibaba Group Holding Ltd. (Symbol: BABA), Lululemon Athletica Inc. (Symbol: LULU) and Target Corp. (Symbol: TGT)
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| Amount: | $1,055,000
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| Maturity: | March 19, 2020
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| Coupon: | 5.25% annualized, payable quarterly if each stock closes at or above 65% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any asset falls by more than 35%, in which case 1% loss per 1% decline
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any call valuation date other than the final date beginning with the second date
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| Initial levels: | $192.56 for Alibaba, $80.75 for Lululemon and $70.65 for Target
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| Trigger levels: | $125.16 for Alibaba, $52.49 for Lululemon and $45.92 for Target; 65% of initial levels
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| Pricing date: | March 19
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| Settlement date: | March 21
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741WEB2
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