Published on 5/15/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $775,000 phoenix autocallable notes on Celgene, Wells Fargo
By Wendy Van Sickle
Columbus, Ohio, May 15 – Barclays Bank plc priced $775,000 of phoenix autocallable notes due May 16, 2018 linked to the least performing of the common stocks of Celgene Corp. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 12% per year if each stock closes at or above its barrier price, 80% of its initial price, on the related quarterly observation date.
The notes will be called at par if each stock closes at or above its initial level on any quarterly determination date other than the final one.
The payout at maturity will be par unless either stock finishes below its 80% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Celgene Corp. and Wells Fargo & Co
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| Amount: | $775,000
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| Maturity: | May 16, 2018
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| Coupon: | 12%, payable quarterly if each stock closes at or above its barrier price on related quarterly observation date
|
| Price: | Par of $1,000
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| Payout at maturity: | Par unless either stock finishes below its barrier price, in which case investors will lose 1% for each 1% decline of worst performer
|
| Call: | At par if each stock closes at or above its initial level on any quarterly determination date other than the final one
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| Initial prices: | $119.52 for Celgene, $53.74 for Wells Fargo
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| Barrier prices: | $95.62 for Celgene, $42.99 for Wells Fargo; 80% of initial prices
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| Pricing date: | May 11
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| Settlement date: | May 16
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| Agent: | Barclays
|
| Fees: | 1.25%
|
| Cusip: | 06741WCK
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