Published on 7/25/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $812,000 of 17% phoenix autocalls tied to three stocks
By Susanna Moon
Chicago, July 25 – Barclays Bank plc priced $812,000 of phoenix autocallable notes due July 25, 2022 linked to the least performing of the common stocks of Netflix, Inc., DowDuPont Inc. and Charles Schwab 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 17% 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: | Netflix, Inc. (Symbol: NFLX), DowDuPont Inc. (Symbol: DWDP) and Charles Schwab Corp. (Symbol: SCHW)
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| Amount: | $812,000
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| Maturity: | July 25, 2022
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| Coupon: | 17% 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
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| 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: | $361.05 for Netflix, $65.82 for DowDuPont and $52.15 for Schwab
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| Coupon barriers: | $234.68 for Netflix, $42.78 for DowDuPont and $33.90 for Schwab, 65% of initial levels
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| Trigger levels: | $216.63 for Netflix, $39.49 for DowDuPont and $31.29 for Schwab, 60% of initial levels
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| Pricing date: | July 20
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| Settlement date: | July 27
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| Agent: | Barclays
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| Fees: | 2.65%
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| Cusip: | 06746XJU8
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