Published on 5/3/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.14 million phoenix autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, May 3 – Barclays Bank plc priced $2.14 million of phoenix autocallable notes due April 30, 2019 linked to the least performing of the common stocks of Wynn Resorts, Ltd., American Airlines Group Inc. and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at a rate of 10% per year if each stock closes at or above its barrier price, 50% of its initial price, on the related observation date.
The notes will be called at par if each stock closes at or above its initial level on any quarterly call date beginning in July 2017.
The payout at maturity will be par unless any stock finishes below its 50% barrier level, in which case investors will lose 1% for each 1% decline 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 stocks: | Wynn Resorts, Ltd. (Symbol: WYNN), American Airlines Group Inc. (Symbol: AAL) and Bank of America Corp. (Symbol: BAC)
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| Amount: | $2,138,000
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| Maturity: | April 30, 2019
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| Coupon: | 10%, payable monthly if each stock closes at or above its barrier price on related observation date
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless any stock finishes below its barrier price, in which case investors will lose 1% for each 1% decline of worst performer
|
| Call: | At par if each stock closes at or above its initial level on any quarterly call determination date beginning in July 2017
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| Initial prices: | $118.22 for Wynn, $46.61 for American, $23.98 for BofA
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| Barrier prices: | $59.11 for Wynn, $23.31 for American, $11.99 for BofA; 50% of initial prices
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| Pricing date: | April 25
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| Settlement date: | April 28
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06741VRJ3
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