Published on 12/26/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.7 million two-year phoenix autocalls tied to stocks
By Susanna Moon
Chicago, Dec. 26 – Barclays Bank plc priced $3.7 million of phoenix autocallable notes due Dec. 26, 2019 linked to the least performing of the common stocks of Chevron Corp., Marathon Petroleum Corp. and ConocoPhillips, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each stock closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any observation date other than the final date.
The payout at maturity will be par unless any stock finishes below its 65% barrier level, in which case investors will be fully exposed to any losses to 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: | Chevron Corp. (Symbol: CVX), Marathon Petroleum Corp. (Symbol: MPC) and ConocoPhillips (Symbol: COP)
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| Amount: | $3,692,000
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| Maturity: | Dec. 26, 2019
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| Coupon: | 10% annualized, payable quarterly if each stock closes at or above 65% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes 65% barrier, in which case 1% loss for each 1% decline of worst performing stock
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any observation date other than final date
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| Initial levels: | $120.89 for Chevron, $65.66 for Marathon and $54.25 for ConocoPhillips
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| Barrier levels: | $78.58 for Chevron, $42.68 for Marathon and $35.26 for ConocoPhillips; 65% of initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 26
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| Agent: | Barclays
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| Fees: | 2.35%
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| Cusip: | 06741WDK3
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