Published on 2/28/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million phoenix autocallables on four stocks
By Sarah Lizee
Olympia, Wash., Feb. 28 – Barclays Bank plc priced $1 million of phoenix autocallable notes due Feb. 28, 2022 linked to the least performing of the common stocks of Alphabet Inc., Apple Inc., Netflix, Inc. and Amazon.com, Inc., 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 14.6% if each stock closes at or above its 60% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if each stock closes at or above 90% of its initial level on any quarterly observation date prior to maturity.
The payout at maturity will be par 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
|
Issue: | Phoenix autocallable notes
|
Underlying stocks: | Alphabet Inc., Apple Inc., Netflix, Inc. and Amazon.com, Inc.
|
Amount: | $1 million
|
Maturity: | Feb. 28, 2022
|
Coupon: | 14.6%, payable quarterly if each asset closes at or above coupon barrier on related observation date
|
Price: | Par
|
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: | Automatically at par plus contingent coupon if each asset closes at or above 90% of initial level on any observation date
|
Initial levels: | $1,109.40 for Alphabet, $174.23 for Apple, $363.91 for Netflix and $1,633.00 for Amazon
|
Call levels: | $998.46 for Alphabet, $156.81 for Apple, $327.52 for Netflix and $1,469.70 for Amazon; 90% of initial levels
|
Coupon barriers: | $665.64 for Alphabet, $104.54 for Apple, $218.35 for Netflix and $979.80 for Amazon; 60% of initial levels
|
Barrier levels: | $665.64 for Alphabet, $104.54 for Apple, $218.35 for Netflix and $979.80 for Amazon; 60% of initial levels
|
Pricing date: | Feb. 25
|
Settlement date: | Feb. 28
|
Agents: | Barclays
|
Fees: | 3%
|
Cusip: | 06741WET3
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.