Published on 7/2/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.51 million phoenix autocallables on three stocks
By Sarah Lizee
Olympia, Wash., July 2 – Barclays Bank plc priced $2.51 million of phoenix autocallable notes due June 28, 2022 linked to the least performing of the common stocks of Citigroup Inc., FedEx Corp. and Marriott International, 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 10.75% if each stock closes at or above its 60% coupon barrier on the observation date for that period.
Starting after three months, 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 plus any coupon unless any stock finishes below its 60% 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: | Citigroup Inc., FedEx Corp. and Marriott International, Inc.
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Amount: | $2,506,000
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Maturity: | June 28, 2022
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Coupon: | 10.75%, payable monthly 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 below barrier level, in which case 1% loss for each 1% decline of least-performing asset
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Call: | Starting after three months, 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
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Initial levels: | $66.54 for Citi, $155.98 for FedEx, $133.28 for Marriott
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Coupon barriers: | $39.92 for Citi, $93.59 for FedEx, $79.97 for Marriott; 60% of initial levels
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Barrier levels: | $39.92 for Citi, $93.59 for FedEx, $79.97 for Marriott; 60% of initial levels
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Call levels: | $63.21 for Citi, $148.18 for FedEx, $126.62 for Marriott; 95% of initial levels
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Pricing date: | June 25
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Settlement date: | June 28
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Agents: | Barclays
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Fees: | 3.5%
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Cusip: | 06747MXK7
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