Published on 8/23/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.2 million buffered autocallable notes tied to Exxon, Chevron
By Wendy Van Sickle
Columbus, Ohio, Aug. 23 – Barclays Bank plc priced $1.2 million of buffered autocallable notes due Aug. 25, 2022 linked to the least performing of the common stocks of Exxon Mobil Corp. and Chevron Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon of 10% per year if each asset closes at or above its coupon barrier, 74.5% of its initial level, on the related observation date.
The notes will be called at par if each asset closes at or above its initial level on any quarterly call valuation date after six months.
The payout at maturity will be par unless either asset falls by more than 25.5%, in which case investors will lose 1.3423% for each 1% decline of the worse performing asset beyond 25%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered autocallable notes
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| Underlying stocks: | Exxon Mobil Corp. and Chevron Corp.
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| Amount: | $1.2 million
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| Maturity: | Aug. 25, 2022
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| Coupon: | 10% per year, payable monthly if each underlier closes at or above coupon barrier on determination date
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| Price: | Par
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| Payout at maturity: | Par unless either underlier finishes below buffer level, in which case 1.3423% loss for every 1% that lesser-performing underlier declines beyond 25.5%
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| Call: | After six months, automatically at par if each underlier closes at or above initial level on any quarterly determination date
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| Initial levels: | $69.72 for Exxon, $117.88 for Chevron
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| Coupon barriers: | $51.94 for Exxon, $87.82 for Chevron; 74.5% of initial levels
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| Pricing date: | Aug. 21
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| Settlement date: | Aug. 26
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| Agent: | Barclays
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| Fees: | 0.35%
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| Cusip: | 06747NE75
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