Published on 2/20/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.07 million phoenix autocallable notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Feb. 20 – Barclays Bank plc priced $4.07 million of phoenix autocallable notes Nov. 18, 2022 linked to the least performing of the Financial Select Sector SPDR fund, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.5% if each asset closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the coupon, if any, unless any asset finishes below 60% of its initial value, in which case investors will be fully exposed to the decline of the least performing asset.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying assets: | Financial Select Sector SPDR fund, Nasdaq-100 index and Russell 2000
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Amount: | $4,072,000
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Maturity: | Nov. 18, 2022
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Coupon: | 6.5% annualized, payable quarterly if each asset closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus any coupon unless any asset finishes below final barrier, in which case investors will be fully exposed to the decline of the worst performing asset
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Call: | At par plus contingent coupon if each asset closes at or above initial level on any quarterly observation date after six months
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Initial level: | 9,517.86 for Nasdaq, 1,677.52 for Russell, $31.12 for ETF
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Coupon barriers: | 7.138.4 for Nasdaq, 1,258.14 for Russell, $23.34 for ETF; 70% of initial levels
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Final barriers: | 6,662.5 for Nasdaq, 1,174.26 for Russell, $21.78 for ETF; 60% of initial levels
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Pricing date: | Feb. 11
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Settlement date: | Feb. 14
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Agent: | Barclays
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Fees: | 2.65%
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Cusip: | 06747PBB4
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