Published on 8/20/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $973,000 of phoenix autocalls tied to three stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 20 – Barclays Bank plc priced $973,000 of phoenix autocallable notes due Aug. 18, 2021 linked to the least performing of the shares of Alibaba Group Holding Ltd., Continental Resources, Inc. and Facebook, 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 18.75% if each underlying asset closes at or above its 70% coupon barrier on the observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any observation date after one year.
The payout at maturity will be par unless any underlying asset finishes below its 70% trigger level, in which case investors will be exposed to any losses of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying assets: | Alibaba Group Holding Ltd., Continental Resources, Inc. and Facebook, Inc.
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| Amount: | $973,000
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| Maturity: | Aug. 18, 2021
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| Coupon: | 18.75% annualized, payable quarterly if each asset closes at or above 70% coupon barrier on observation date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any asset finishes below 70% trigger, in which case 1% loss per 1% decline of the worst performing stock
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any quarterly call valuation date after a year
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| Initial levels: | $177.68 for Alibaba, $180.05 for Facebook and $63.30 for Continental
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| Coupon barriers: | $124.38 for Alibaba, $126.04 for Facebook and $44.31 for Continental, 70% of initial levels
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| Trigger levels: | $124.38 for Alibaba, $126.04 for Facebook and $44.31 for Continental, 70% of initial levels
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| Pricing date: | Aug. 13
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| Settlement date: | Aug. 16
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| Agent: | Barclays
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| Fees: | 2.4%
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| Cusip: | 06741WEK2
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