Published on 6/22/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.37 million phoenix autocallable notes on two stocks
By Marisa Wong
Morgantown, W.Va., June 22 – Barclays Bank plc priced $2.37 million of phoenix autocallable notes due June 18, 2021 linked to the least performing of the common stocks of Home Depot, Inc. and Lowe’s Cos., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 8.4% per year if each stock closes at or above its coupon barrier price, 70% 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 price on any quarterly determination date other than the final one.
The payout at maturity will be par unless either stock finishes below its 70% barrier, in which case investors will lose 1% for each 1% 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 stocks: | Home Depot, Inc. (Symbol: HD) and Lowe’s Cos., Inc. (Symbol: LOW)
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| Amount: | $2,371,000
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| Maturity: | June 18, 2021
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| Coupon: | 8.4%, payable each quarter that each stock closes at or above its barrier price on related quarterly observation date
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| 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 price on any quarterly observation date other than the final one
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| Initial prices: | $200.54 for Home Depot, $99.18 for Lowe’s
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| Barrier prices: | $140.38 for Home Depot, $69.43 for Lowe’s; 70% of initial prices
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| Pricing date: | June 15
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| Settlement date: | June 20
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| Agent: | Barclays
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| Fees: | 2.5%
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| Cusip: | 06746XEX7
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