Published on 5/14/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $8.78 million contingent income autocallables linked to stocks
By Angela McDaniels
Tacoma, Wash., May 14 – Barclays Bank plc priced $8.78 million of contingent income autocallable securities due May 13, 2022 linked to the worst performing of the common stock of Amazon.com, Inc., the class A common stock of Alphabet Inc. and the common stock of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above its downside threshold level, 65% of its initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 15.75%.
The notes will be called at par of $10 plus the contingent coupon if each stock closes at or above its initial share price on any quarterly determination date other than the final determination date.
If each stock’s final share price is greater than or equal to its downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the worst-performing stock’s final share price is less than its initial share price.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stocks: | Amazon.com, Inc. common stock (Symbol: AMZN), Alphabet Inc. class A common stock (Symbol: GOOGL) and Netflix, Inc. common stock (Symbol: NFLX)
|
| Amount: | $8,778,700
|
| Maturity: | May 13, 2022
|
| Coupon: | 15.75% per year, payable quarterly if each stock closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If each stock’s final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that worst-performing stock’s final share price is less than initial share price
|
| Call: | At par plus contingent coupon if each stock closes at or above initial share price on any quarterly determination date other than final determination date
|
| Initial share price: | $1,889.98 for Amazon, $1,167.64 for Alphabet and $361.04 for Netflix
|
| Downside threshold: | $1,228.487 for Amazon, $758.966 for Alphabet and $234.676 for Netflix, or 65% of initial share price
|
| Pricing date: | May 10
|
| Settlement date: | May 15
|
| Agent: | Barclays
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
| Cusip: | 06747A185
|
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