Published on 12/12/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.48 million phoenix autocallables linked to three stocks
By Kiku Steinfeld
Chicago, Dec. 12 – Barclays Bank plc priced $3.48 million of phoenix autocallable notes Nov. 30, 2022 linked to the least performing of the common stocks of CVS Health Corp., Cisco Systems, Inc. and Raytheon Co., 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 10% if each stock closes at or above its coupon barrier, 55% of its initial share price, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly call date beginning in May 2020 and ending in August 2022.
The payout at maturity will be par unless any stock finishes below its barrier level, 55% of its initial share price, in which case investors will be exposed to the decline of the worst-performing stock from its initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | CVS Health Corp., Cisco Systems, Inc. and Raytheon Co.
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| Amount: | $3,483,000
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| Maturity: | Nov. 30, 2022
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| Coupon: | 10%, payable quarterly if each stock closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless least-performing stock finishes below barrier level, in which case 1% loss for each 1% decline of least-performing stock from initial share price
|
| Call: | Automatically at par if each stock closes at or above its initial share price on any quarterly call date beginning in May 2020 and ending in August 2022
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| Initial share prices: | $76.58 for CVS, $45.45 Cisco and $216.29 for Raytheon
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| Coupon barriers: | $42.12 for CVS, $25.00 for Cisco and $118.96 for Raytheon, or 55% of initial share prices
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| Barrier levels: | $42.12 for CVS, $25.00 for Cisco and $118.96 for Raytheon, or 55% of initial share prices
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| Pricing date: | Nov. 25
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| Settlement date: | Nov. 29
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| Agents: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06747NN34
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