Published on 6/17/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.27 million phoenix autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, June 17 – Barclays Bank plc priced $2.27 million of phoenix autocallable notes due June 13, 2025 linked to the least performing of the common stocks of Invesco Ltd., Advanced Micro Devices, Inc. and Trade Desk, 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 29% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each stock closes at or above 90% of its initial level on any observation date after three years.
The payout at maturity will be par plus the coupon, unless any stock finishes below 50% of its initial value, 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 stocks: | Invesco Ltd., Advanced Micro Devices, Inc. and Trade Desk, Inc.
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| Amount: | $2.27 million
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| Maturity: | June 13, 2025
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| Coupon: | 29% annualized, 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 plus coupon unless any stock finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing stock
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| Call: | At par plus contingent coupon if each stock closes at or above 90% of initial level on any observation date after three years
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| Initial level: | $10.32 for Invesco, $57.44 for Advanced Micro, $368.52 for Trade Desk
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| Coupon barriers: | $6.19 for Invesco, $34.46 Advanced Micro, $221.11 for Trade Desk; 60% of initial levels
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| Final barriers: | $5.16 for Invesco, $28.72 Advanced Micro, $184.26 for Trade Desk; 50% of initial levels
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| Pricing date: | June 10
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| Settlement date: | June 16
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06741WHL7
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