Published on 2/13/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.53 million phoenix autocallable notes on stocks
By Sarah Lizee
Olympia, Wash., Feb. 13 – Barclays Bank plc priced $1.53 million of phoenix autocallable notes due Feb. 1, 2024 linked to the least performing of the common stocks of Plains All American Pipeline, LP, Energy Transfer LP and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 15.4% if each underlying asset closes at or above its 50% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any call valuation date after six months.
The payout at maturity will be par unless any underlying asset falls by more than 50%, in which case investors will be exposed to any losses of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying assets: | Plains All American Pipeline, LP, Energy Transfer LP and Microsoft Corp.
|
| Amount: | $1,529,000
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| Maturity: | Feb. 1, 2024
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| Coupon: | 15.4% annualized, payable quarterly if each asset closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset falls by more than trigger level, in which case 1% loss per 1% decline of the worst performing stock
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any observation date after six months
|
| Initial levels: | $17.55 for Plains, $12.85 for Energy Transfer, $168.04 for Microsoft
|
| Coupon barrier levels: | $8.78 for Plains, $6.43 for Energy Transfer, $84.02 for Microsoft, 50% of initial levels
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| Trigger levels: | $8.78 for Plains, $6.43 for Energy Transfer, $84.02 for Microsoft, 50% of initial levels
|
| Pricing date: | Jan. 29
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| Settlement date: | Feb. 3
|
| Agent: | Barclays
|
| Fees: | 0.25%
|
| Cusip: | 06747P5A3
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