Published on 4/23/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.69 million phoenix autocallable notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, April 23 – Barclays Bank plc priced $2.69 million of phoenix autocallable notes due April 25, 2023 linked to the least performing of the common stocks of Walmart Inc., Amazon.com, Inc., Johnson & Johnson and Home Depot, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 13.5% if each stock closes at or above its 70% coupon barrier on a 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 observation date after a year.
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 1.4286% for each 1% decline of the worst performing stock beyond 30%.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Walmart Inc., Amazon.com, Inc., Johnson & Johnson and Home Depot, Inc.
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Amount: | $2,687,000
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Maturity: | April 25, 2023
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Coupon: | 13.5% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus coupon unless any stock finishes below final barrier, in which case 1.4286% loss for each 1% decline of the worst performing stock beyond 30%
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Call: | At par plus contingent coupon if each stock closes at or above initial level on any observation date after a year
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Initial level: | $129.85 for Walmart, $2,393.61 for Amazon.com, $151.67 for Johnson & Johnson, $206.05 for Home Depot
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Coupon/final barriers: | $90.90 for Walmart, $1,675.53 for Amazon.com, $106.17 for Johnson & Johnson, $144.24 for Home Depot; 70% of initial levels
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Pricing date: | April 20
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Settlement date: | April 23
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Agent: | Barclays
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Fees: | 1.25%
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Cusip: | 06747PPN3
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