Published on 7/26/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $618,000 of phoenix autocalls tied to three stocks
By Wendy Van Sickle
Columbus, Ohio, July 26 – Barclays Bank plc priced $618,000 of phoenix autocallable notes due July 21, 2022 linked to the least performing of the shares of Alibaba Group Holding Ltd., Delta Air Lines, Inc. and Broadcom Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 16.25% if each underlying asset 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 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 finishes below its 60% trigger level, in which case investors will be exposed to any losses of 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 assets: | Alibaba Group Holding Ltd., Delta Air Lines, Inc. and Broadcom Inc.
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| Amount: | $618,000
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| Maturity: | July 21, 2022
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| Coupon: | 16.25% annualized, payable quarterly if each asset 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 asset finishes below 60% trigger, 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 quarterly call valuation date from January 2019 through April 2022
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| Initial levels: | $190.79 for Alibaba, $52.80 for Delta and $208.78 for Broadcom
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| Coupon barriers: | $124.01 for Alibaba, $34.32 for Delta and $135.71 for Broadcom, 65% of initial levels
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| Trigger levels: | $114.47 for Alibaba, $31.68 for Delta and $125.27 for Broadcom, 60% of initial levels
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| Pricing date: | July 18
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| Settlement date: | July 23
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| Agent: | Barclays
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| Fees: | 2.65%
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| Cusip: | 06746XJN4
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