Published on 12/12/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million phoenix autocallables linked to three stocks
By Kiku Steinfeld
Chicago, Dec. 12 – Barclays Bank plc priced $1 million of phoenix autocallable notes due Nov. 30, 2025 linked to the least performing of the common stock of Netflix, Inc., the common stock of Tesla, Inc. and the ordinary shares of Alibaba Group Holding Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 24.5% if each stock closes at or above its coupon barrier, 60% of its initial share price, on the observation date for that month.
Beginning in February 2020 and ending in October 2025, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial share price on any monthly observation date.
The payout at maturity will be par plus any coupon unless any stock finishes below its barrier level, 50% of its initial share price, in which case investors will be exposed to the decline of the worst-performing stock from its initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Netflix, Inc., Tesla, Inc. and Alibaba Group Holding Ltd.
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| Amount: | $1,000,000
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| Maturity: | Nov. 30, 2025
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| Coupon: | 24.5%, payable monthly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless least-performing stock finishes below barrier level, in which case 1% loss for each 1% decline of least-performing stock from initial share price
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| Call: | Beginning in February 2020 and ending in October 2025, automatically at par if each stock closes at or above initial share price on any monthly observation date
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| Initial share prices: | $314.66 for Netflix, $329.94 for Tesla and $200.00 for Alibaba
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| Coupon barriers: | $188.80 for Netflix, $197.96 for Tesla and $120.00 for Alibaba, or 60% of initial share prices
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| Barrier levels: | $157.33 for Netflix, $164.97 for Tesla and $100.00 for Alibaba, or 50% of initial share prices
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| Pricing date: | Nov. 29
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| Settlement date: | Dec. 4
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| Agents: | Barclays
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| Fees: | 0.5%
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| Cusip: | 06741WFT2
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