Published on 10/3/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.32 million phoenix autocallables tied to three stocks
By Susanna Moon
Chicago, Oct. 3 – Barclays Bank plc priced $2.32 million of phoenix autocallable notes due Sept. 30, 2020 linked to the least performing of the common stocks of Costco Wholesale Corp., Applied Materials, Inc. and H&R Block, 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 9% if each stock closes at or above its coupon barrier, 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 observation date.
The payout at maturity will be par unless any stock finishes below its 50% trigger level, in which case investors will receive par plus the return 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: | Costco Wholesale Corporation (Symbol: COST), Applied Materials, Inc. (Symbol: AMAT) and H&R Block, Inc. (Symbol: HRB)
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| Amount: | $2,323,000
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| Maturity: | Sept. 30, 2020
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| Coupon: | 9% per year, payable monthly if each stock closes at or above 50% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each stock finishes at or above trigger level; otherwise, par plus return of worst performing stock
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| Call: | At par plus contingent coupon if stocks close at or above initial prices on any quarterly observation date from December 2017 through June 2020
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| Initial levels: | $164.07 for Costco, $45.92 for Applied and $26.36 for H&R
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| Trigger levels: | $82.04 for Costco, $22.96 for Applied and $13.18 for H&R, 50% of initial levels
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| Pricing date: | Sept. 26
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| Settlement date: | Sept. 29
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06744C3R0
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