Published on 7/10/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.39 million of phoenix autocallables on three stocks
By Devika Patel
Knoxville, Tenn., July 10 – Barclays Bank plc priced $2.39 million of phoenix autocallable notes due June 30, 2020 linked to the least performing of the common stocks of Caterpillar Inc., Microsoft Corp. and Micron Technology, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at a rate of 11% per year if each stock closes at or above its coupon barrier price, 50% of its initial share price, on the related observation date.
The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly call observation date beginning on Sept. 27, 2017 and ending on March 27, 2020.
The payout at maturity will be par plus the coupon unless any stock finishes below its barrier level, in which case investors will lose 1% for each 1% decline of the worst-performing stock from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Caterpillar Inc. (Symbol: CAT), Microsoft Corp. (Symbol: MSFT) and Micron Technology, Inc. (Symbol: MU)
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| Amount: | $2,385,000
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| Maturity: | June 30, 2020
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| Coupon: | 11% per year, payable monthly if each stock closes at or above coupon barrier price on observation date for that month
|
| Price: | Par
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| Payout at maturity: | Par plus the coupon unless any stock finishes below barrier price, in which case 1% loss for each 1% decline of worst performer from initial level
|
| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly call observation date beginning on Sept. 27, 2017 and ending on March 27, 2020
|
| Initial share price: | $103.93 for Caterpillar, $69.21 for Microsoft and $31.66 for Micron
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| Coupon barrier prices: | $51.97 for Caterpillar, $34.61 for Microsoft and $15.83 for Micron; 50% of initial prices
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| Barrier prices: | $51.97 for Caterpillar, $34.61 for Microsoft and $15.83 for Micron; 50% of initial prices
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| Pricing date: | June 27
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| Settlement date: | June 30
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| Agent: | Barclays
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| Fees: | 3.25%
|
| Cusip: | 06741VX56
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