Published on 11/6/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $500,000 phoenix autocallable notes on Alibaba, Microsoft
By Wendy Van Sickle
Columbus, Ohio, Nov. 6 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due May 4, 2021 linked to the least performing of the common stocks of Alibaba Group Holding Ltd. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 14% if each stock closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly observation date prior to maturity.
The payout at maturity will be par unless any stock finishes below its 70% barrier, 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 stocks: | Alibaba Group Holding Ltd. and Microsoft Corp.
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| Amount: | $500,000
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| Maturity: | May 4, 2021
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| Coupon: | 14%, payable quarterly if each asset closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless least-performing asset finishes knock-in level, in which case 1% loss for each 1% decline of least-performing asset
|
| Call: | Automatically at par plus contingent coupon if each asset closes at or above initial level on any observation date
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| Initial levels: | $133.38 for Alibaba, $103.85 for Microsoft
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| Coupon barriers/knock-in levels: | $93.37 for Alibaba, $72.70 for Microsoft, 70% of initial levels
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| Pricing date: | Oct. 29
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| Settlement date: | Nov. 1
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| Agents: | Barclays
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| Fees: | 3%
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| Cusip: | 06746XVQ3
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