Published on 2/28/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.69 million phoenix autocallables on three stocks
By Sarah Lizee
Olympia, Wash., Feb. 28 – Barclays Bank plc priced $2.69 million of phoenix autocallable notes due Feb. 25, 2022 linked to the least performing of the common stocks of Lockheed Martin Corp., Microsoft Corp. and United Parcel Service, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 9% if each stock closes at or above its 55% 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 95% of its initial level on any quarterly observation date prior to maturity.
The payout at maturity will be par unless any stock finishes below its 55% 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
|
| Issue: | Phoenix autocallable notes
|
| Underlying stocks: | Lockheed Martin Corp., Microsoft Corp. and United Parcel Service, Inc.
|
| Amount: | $2,691,000
|
| Maturity: | Feb. 25, 2022
|
| Coupon: | 9%, payable monthly if each asset closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless least-performing asset finishes below barrier 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 95% of initial level on any observation date
|
| Initial levels: | $305.97 for Lockheed, $111.59 for Microsoft, $110.86 for UPS
|
| Call levels: | $290.67 for Lockheed, $106.01 for Microsoft, $105.32 for UPS; 95% of initial levels
|
| Coupon barriers: | $168.28 for Lockheed, $61.37 for Microsoft, $60.97 for UPS; 55% of initial levels
|
| Barrier levels: | $168.28 for Lockheed, $61.37 for Microsoft, $60.97 for UPS; 55% of initial levels
|
| Pricing date: | Feb. 25
|
| Settlement date: | Feb. 28
|
| Agents: | Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06747MD78
|
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