Published on 3/27/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $675,000 phoenix autocalls tied to three stocks
By Wendy Van Sickle
Columbus, Ohio, March 27 – Barclays Bank plc priced $675,000 of phoenix autocallable notes due March 28, 2022 linked to the least performing of the common stocks of Salesforce.com, Inc. and Nvidia Corp. and the American Depository shares of Alibaba Group Holding Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 18.5% if each stock closes at or above its 65% coupon barrier on the related observation date.
The notes will be called at par if each stock closes at or above its initial price on any review date beginning with the sixth one.
The payout at maturity will be par unless any stock finishes below its 60% barrier price, in which case investors will be fully exposed to the decline 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 asset: | Salesforce.com, Inc., Nvidia Corp. and Alibaba Group Holding Ltd.
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| Amount: | $675,000
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| Maturity: | March 28, 2022
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| Coupon: | 18.5% annualized, payable monthly if each stock closes at or above 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 unless any asset falls by more than 40%, in which case 1% loss per 1% decline
|
| Call: | At par plus contingent coupon if each stock closes at or above initial level on any review valuation date beginning with the sixth one
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| Initial levels: | $114.43 for Salesforce, $232.97 for Nvidia and $181.20 for Alibaba
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| Coupon barriers: | $74.38 for Salesforce, $151.43 for Nvidia and $117.78 for Alibaba; 65% of initial levels
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| Trigger levels: | $68.66 for Salesforce, $139.78 for Nvidia and $108.72 for Alibaba; 60% of initial levels
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| Pricing date: | March 23
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| Settlement date: | March 28
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| Agent: | Barclays
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| Fees: | 2.65%
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| Cusip: | 06746X3A9
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