Published on 3/15/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.15 million trigger phoenix autocallables linked to Euro Stoxx, S&P
By Angela McDaniels
Tacoma, Wash., March 15 – Barclays Bank plc priced $3.15 million of trigger phoenix autocallable optimization securities due March 17, 2026 linked to the lesser performing of the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 7.6% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
Beginning March 13, 2017, the notes will be called at par if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and each index finishes at or above its trigger level, 50% of its initial level, the payout at maturity will be par plus the final contingent coupon, if any. Otherwise, investors will be exposed to the decline of the lesser-performing index.
UBS Financial Services Inc. and Barclays are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger phoenix autocallable optimization securities
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Underlying indexes: | Euro Stoxx 50 and S&P 500
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Amount: | $3,146,000
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Maturity: | March 17, 2026
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Coupon: | 7.6% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
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Price: | Par of $10
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Payout at maturity: | Par plus contingent coupon, if any, if each index finishes at or above trigger level; otherwise, full exposure to decline of lesser-performing index
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Call: | Automatically at par if each index closes at or above initial level on any quarterly observation date from March 13, 2017 onward
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Initial index levels: | 3,073.80 for Euro Stoxx 50 and 2,022.19 for S&P 500
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Coupon barriers: | 2,151.66 for Euro Stoxx 50 and 1,415.53 for S&P 500; 70% of initial levels
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Trigger levels: | 1,536.90 for Euro Stoxx 5t0 and 1,011.10 for S&P 500; 50% of initial levels
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Pricing date: | March 11
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Settlement date: | March 16
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Agents: | UBS Financial Services Inc. and Barclays
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Fees: | 3.5%
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Cusip: | 06744K822
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