Published on 11/1/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.04 million phoenix autocallables tied to three stocks
By Marisa Wong
Morgantown, W.Va., Nov. 1 – Barclays Bank plc priced $3.04 million of phoenix autocallable notes due Oct. 31, 2018 linked to the least performing of three common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying stocks are Amazon.com, Inc., Amgen Inc. and Delta Air Lines, Inc.
Each month, the notes will pay a contingent coupon at an annual rate of 8.75% if each stock closes at or above its barrier level, 50% of its initial price on the observation date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial price on any quarterly call valuation date.
The payout at maturity will be par plus the contingent coupon unless any stock finishes below its 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
|
| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Amazon.com, Inc. (Symbol: AMZN), Amgen Inc. (Symbol: AMGN) and Delta Air Lines, Inc. (Symbol: DAL)
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| Amount: | $3,037,000
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| Maturity: | Oct. 31, 2018
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| Coupon: | 8.75% per year, payable each month that each stock closes at or above barrier level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus the contingent coupon unless any stock finishes below its barrier level, in which case investors will be fully exposed to any losses of the least performing stock
|
| Call: | At par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call valuation date
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| Initial prices: | $822.59 for Amazon, $158.99 for Amgen, $41.40 for Delta
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| Barrier prices: | $411.30 for Amazon, $79.50 for Amgen, $20.70 for Delta; 50% of initial prices
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Agent: | Barclays
|
| Fees: | 3%
|
| Cusip: | 06741VCC4
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