Published on 1/24/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 phoenix autocallables linked to five stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 24 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due Jan. 20, 2023 linked to the least performing of the common stocks of Northrup Grumman Corp., Starbucks Corp., Microsoft Corp., NIKE, Inc. and Mastercard 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 11% if each stock closes at or above its coupon barrier, 60% of its initial share price, on the observation date for that month.
Starting 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 call observation date.
If the notes are not called, the payout at maturity will be par 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: | NIKE, Inc., Northrup Grumman Corp., Starbucks Corp., Microsoft Corp. and Mastercard Inc.
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| Amount: | $500,000
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| Maturity: | Jan. 20, 2023
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| Coupon: | 11%, payable monthly 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: | Starting after six months, automatically at par if each stock closes at or above initial share price on any quarterly call observation date
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| Initial share prices: | $104.51 for NIKE, $380.00 for Northrup Grumman, $93.62 for Starbucks, $167.10 for Microsoft and $323.56 for Mastercard
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| Coupon barriers: | $62.71 for NIKE, $228.00 for Northrup Grumman, $56.17 for Starbucks, $100.26 for Microsoft and $194.14 for Mastercard, or 60% of initial share prices
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| Barrier levels: | $62.71 for NIKE, $228.00 for Northrup Grumman, $56.17 for Starbucks, $100.26 for Microsoft and $194.14 for Mastercard, or 60% of initial share prices
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 23
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| Agents: | Barclays
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| Fees: | 2.75%
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| Cusip: | 06747P3R8
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