Published on 7/24/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.62 million phoenix autocallables on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 24 – Barclays Bank plc priced $1.62 million of phoenix autocallable notes due July 22, 2021 linked to the least performing of the common stocks of lululemon athletica inc., Zscaler, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 24% if each stock closes at or above its 60% coupon barrier on the observation date for that period.
Starting after six months, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly observation date prior to maturity.
The payout at maturity will be par plus any coupon unless any stock finishes below its 60% barrier, in which case investors will be fully exposed to the decline 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 stocks: | lululemon athletica inc., Zscaler, Inc. and Microsoft Corp.
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| Amount: | $1,615,000
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| Maturity: | July 22, 2021
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| Coupon: | 24%, payable quarterly if each asset closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless least-performing asset finishes below barrier level, in which case 1% loss for each 1% decline of least-performing asset
|
| Call: | Starting after six months, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly observation date prior to maturity
|
| Initial levels: | $187.94 for lululemon, $82.68 for Zscaler, $136.62 for Microsoft
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| Coupon barriers: | $112.76 for lululemon, $49.61 for Zscaler, $81.97 for Microsoft; 60% of initial levels
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| Barrier levels: | $112.76 for lululemon, $49.61 for Zscaler, $81.97 for Microsoft; 60% of initial levels
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| Pricing date: | July 19
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| Settlement date: | July 24
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| Agents: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741WFD7
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