Published on 8/30/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.16 million phoenix autocallable notes on three stocks
By Tali Rackner
Norfolk, Va., Aug. 30 – Barclays Bank plc priced $2.16 million of phoenix autocallable notes due Aug. 30, 2018 linked to the least performing of the common stocks of American Airlines Group Inc., Eli Lilly & Co. and Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at a rate of 9.75% per year if each stock closes at or above its barrier price, 50% of its initial price, on the related monthly observation date.
The notes will be called at par if each stock closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless any stock finishes below its 50% barrier 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: | American Airlines Group Inc. (Symbol: AAL), Eli Lilly & Co. (Symbol: LLC) and Morgan Stanley (Symbol: MS)
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| Amount: | $2.16 million
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| Maturity: | Aug. 30, 2018
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| Coupon: | 9.75%, payable monthly if each stock closes at or above its barrier price on related monthly observation date
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any stock finishes below its barrier price, in which case investors will be fully exposed to any losses of worst performer
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| Call: | At par if each stock closes at or above its initial level on any quarterly determination date
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| Initial prices: | $36.72 for American Airlines, $78.01 for Eli Lilly, $30.97 for Morgan Stanley
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| Barrier prices: | $18.36 for American Airlines, $39.01 for Eli Lilly, $15.49 for Morgan Stanley; 50% of initial prices
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 30
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06741VA77
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