Published on 7/20/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.2 million phoenix autocallable notes on tech stocks
By Sarah Lizee
Olympia, Wash., July 20 – Barclays Bank plc priced $1.2 million of phoenix autocallable notes due July 20, 2023 linked to the least performing of the common stocks of Netflix, Inc., Amazon.com, Inc., Facebook Inc. and Apple 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 13.75% if each stock closes at or above its 50% 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 its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus any 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: | Netflix, Inc., Amazon.com, Inc., Facebook Inc. and Apple Inc.
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| Amount: | $1.2 million
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| Maturity: | July 20, 2023
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| Coupon: | 13.75% 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 any 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 initial level on any quarterly call observation date after six months
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| Initial level: | $527.39 for Netflix, $2,999.90 for Amazon, $240.93 for Facebook, $386.09 for Apple
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| Coupon barriers: | $263.70 for Netflix, $1,499.95 for Amazon, $120.47 for Facebook, $193.05 for Apple; 50% of initial levels
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| Final barriers: | $263.70 for Netflix, $1,499.95 for Amazon, $120.47 for Facebook, $193.05 for Apple; 50% of initial levels
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| Pricing date: | July 16
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| Settlement date: | July 21
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| Agent: | Barclays
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| Fees: | 1.5%
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| Cusip: | 06747QAF4
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