Published on 7/22/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.01 million phoenix autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 22 – Barclays Bank plc priced $1.01 million of phoenix autocallable notes due July 21, 2022 linked to the least performing of the common stocks of Adobe Inc., Rite Aid Corp. and McDonald’s 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 50% if each stock closes at or above its 70% coupon barrier on the related observation date.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus the coupon unless any stock finishes below 70% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing stock, payable in cash or shares of that stock at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Adobe Inc., Rite Aid Corp. and McDonald’s Corp.
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| Amount: | $1.01 million
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| Maturity: | July 21, 2022
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| Coupon: | 50% annualized, payable quarterly if each stock closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus coupon unless any stock finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing stock, payable in cash or shares of that stock at issuer’s option
|
| Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date after six months
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| Initial level: | $432.42 for Adobe, $15.80 for Rite Aid, $191.48 for McDonald’s
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| Coupon barriers: | $302.69 for Adobe, $11.06 for Rite Aid, $134.04 for McDonald’s; 70% of initial levels
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| Final barriers: | $302.69 for Adobe, $11.06 for Rite Aid, $134.04 for McDonald’s; 70% of initial levels
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| Pricing date: | July 17
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| Settlement date: | July 22
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741WJD3
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