Published on 11/6/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.04 million phoenix autocallables tied to financials
By Susanna Moon
Chicago, Nov. 6 – Barclays Bank plc priced $3.04 million of phoenix autocallable notes due Oct. 31, 2019 linked to the least performing of the common stocks of Wells Fargo & Co., Bank of America Corp. and Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.85% if each stock closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any observation date other than the final date.
The payout at maturity will be par unless any stock finishes below its 75% barrier level, in which case investors will be fully exposed to any losses to 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: | Wells Fargo & Co. (Symbol: WFC), Bank of America Corp. (Symbol: BAC) and Citigroup Inc. (Symbol: C)
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| Amount: | $3,035,000
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| Maturity: | Oct. 31, 2019
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| Coupon: | 11.85% per year, payable quarterly if each stock closes at or above 75% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes 75% barrier, in which case 1% loss for each 1% decline of worst performing stock
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| Call: | At par plus contingent coupon if each fund closes at or above initial level on any quarterly review date other than final date
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| Initial levels: | $55.87 for Wells Fargo, $27.80 for Bank of America and $73.87 for Citigroup
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| Barrier levels: | $41.90 for Wells Fargo, $20.85 for Bank of America and $55.40 for Citigroup; 75% of initial levels
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 31
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| Agent: | Barclays
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| Fees: | 2.35%
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| Cusip: | 06744CJX0
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