Published on 1/25/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.32 million 23% phoenix autocalls linked to three stocks
By Susanna Moon
Chicago, Jan. 25 – Barclays Bank plc priced $2.32 million of phoenix autocallable notes due Jan. 22, 2021 linked to the least performing of the common stocks of Targa Resources Corp., Pioneer Natural Resources Co. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 23% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any call valuation date after six months.
The payout at maturity will be par unless any underlying asset finishes below its 70% trigger level, in which case investors will be exposed to any losses of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Targa Resources Corp. (Symbol: TRGP), Pioneer Natural Resources Co. (Symbol: PXD) and JPMorgan Chase & Co. (Symbol: JPM)
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| Amount: | $2,315,000
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| Maturity: | Jan. 22, 2021
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| Coupon: | 23% annualized, payable quarterly if each asset closes at or above 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any asset finishes below 70% trigger, in which case a number of shares of the worst performing stock equal to 22.98851 Targa shares, 6.90131 Pioneer shares and 9.56114 JPMorgan shares
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| Call: | At par plus contingent coupon if each asset closes at or above initial level on any valuation date other than final date beginning with second date
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| Initial levels: | $43.50 for Targa, $144.90 for Pioneer and $104.59 for JPMorgan
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| Trigger levels: | $30.45 for Targa, $101.43 for Pioneer and $73.21 for JPMorgan, 70% of initial levels
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| Pricing date: | Jan. 18
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| Settlement date: | Jan. 25
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| Agent: | Barclays
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| Fees: | 2.25%
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| Cusip: | 06741WEP1
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