Published on 11/1/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.77 million autocallable notes tied to tech stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 1 – Barclays Bank plc priced $1.77 million of autocallable notes due Oct. 31, 2022 linked to the least performing stock of the common stocks of Netflix, Inc., Amazon.com, Inc., Apple Inc. and the class C common stock of the Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annualized rate of 13.25% if each stock closes above its barrier level, 60% of its initial level, on the related observation date.
The notes will be automatically called at par if each stock closes above its initial level on any quarterly observation date after six months.
If the notes are not called, investors will receive par if each stock finishes above it 60% final barrier level and will be fully exposed to the decline of the worst performing stock otherwise.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable notes
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| Underlying assets: | Netflix, Inc., Amazon.com, Inc., Apple Inc. and the Alphabet Inc.
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| Amount: | $1,769,000
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| Maturity: | Oct. 31, 2022
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| Coupon: | 13.25%, payable monthly if each stock closes above barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par unless final level of the least-performing underlying is less than 60% barrier level; otherwise, 1% loss for each 1% decline of the least-performing stock
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| Call: | At par if each stock closes above initial level on any quarterly call observation date after six months
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| Initial levels: | $281.86 for Netflix, $1,777.08 for Amazon, $249.05 for Apple and $1,290.00 for Alphabet
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| Barrier levels: | $169.12 for Netflix, $1,066.25 for Amazon, $149.43 for Apple and $774.00 for Alphabet, 60% of initial levels
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| Pricing date: | Oct. 28
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| Settlement date: | Oct. 31
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06741WFL9
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