Published on 12/30/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.68 million phoenix autocallables linked to three stocks
By Sarah Lizee
Olympia, Wash., Dec. 30 – Barclays Bank plc priced $1.68 million of phoenix autocallable notes due Dec. 23, 2022 linked to the least performing of the common stocks of Costco Wholesale Corp., Nike, Inc. and Bristol-Myers Squibb Co., 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 9.5% if each stock closes at or above its coupon barrier, 60% of its initial share price, on the observation date for that quarter.
After six months, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par plus any coupon unless any stock finishes below its barrier level, 60% of its initial share price, in which case investors will be exposed to the decline of the worst-performing stock from its initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Costco Wholesale Corp., Nike, Inc. and Bristol-Myers Squibb Co.
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| Amount: | $1,676,000
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| Maturity: | Dec. 23, 2022
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| Coupon: | 9.5%, payable quarterly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless least-performing stock finishes below barrier level, in which case 1% loss for each 1% decline of least-performing stock from initial share price
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| Call: | After six months, automatically at par if each stock closes at or above initial share price on any quarterly observation date
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| Initial share prices: | $294.83 for Costco, $99.96 for Nike, $63.51 for Bristol-Myers
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| Coupon barriers: | $176.90 for Costco, $59.98 for Nike, $38.11 for Bristol-Myers, or 60% of initial share prices
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| Barrier levels: | $176.90 for Costco, $59.98 for Nike, $38.11 for Bristol-Myers, or 60% of initial share prices
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 26
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| Agents: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06747NUM4
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