Published on 3/28/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.56 million contingent income autocalls tied to Amazon.com
By Wendy Van Sickle
Columbus, Ohio, March 28 – Barclays Bank plc priced $6.56 million of contingent income autocallable securities due March 26, 2021 linked to the common shares of Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.75% if the stock closes at or above its 75% coupon barrier on the determination date that quarter.
The notes will be called at par if the stock closes at or above its initial level on any determination date other than the final date.
The payout at maturity will be par unless the stock finishes below its 75% downside threshold, in which case investors will be fully exposed to any losses.
Barclays is the agent with distribution through Morgan Stanley Wealth Management.
Issuer: | Barclays Bank plc
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Issue: | Contingent income autocallable securities
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Underlying stock: | Amazon.com, Inc.
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Amount: | $6,559,900
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Maturity: | March 31, 2021
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Coupon: | 9.75% annualized, payable quarterly if stock closes at or above 75% coupon barrier on determination date for that quarter
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Price: | Par
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Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline
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Call: | At par if stock closes at or above its initial level on any determination date other than the final date
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Initial level: | $1,555.86
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Downside threshold: | $1,166.895, 75% of initial level
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Pricing date: | March 26
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Settlement date: | March 29
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Agent: | Barclays with Morgan Stanley Wealth Management as a distributor
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Fees: | 2.5%
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Cusip: | 06746Q165
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