Published on 4/8/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.12 million annual autocallables on Select Sector ETFs
By Marisa Wong
Madison, Wis., April 8 – Barclays Bank plc priced $2.12 million of 0% annual autocallable notes due April 6, 2017 linked to the least performing of four exchange-traded funds, according to a 424B2 filing with the Securities and Exchange Commission.
The funds are the Consumer Discretionary Select Sector SPDR fund, the Technology Select Sector SPDR fund, the Financial Select Sector SPDR fund and the Industrial Select Sector SPDR fund.
The notes will be called at par plus a call premium of 8.2% per year if each underlying component closes at or above 85% of its initial price on either of two annual call valuation dates.
The payout at maturity will be par unless any component finishes below the 70% barrier level, in which case investors will receive the return of the worst-performing component, with exposure to any losses.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Annual autocallable notes
|
| Underlying ETFs: | Consumer Discretionary Select Sector SPDR fund, Technology Select Sector SPDR fund, Financial Select Sector SPDR fund and Industrial Select Sector SPDR fund
|
| Amount: | $2,115,000
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| Maturity: | April 6, 2017
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par unless any component finishes below barrier level, in which case par plus return of the worst-performing component, with exposure to any losses
|
| Call: | At par plus a call premium of 8.2% per year if each underlying component closes at or above 85% of its initial price on either of two annual call valuation dates
|
| Initial prices: | $75.69 for consumer fund, $41.37 for technology fund, $24.21 for financial fund, | $55.43 for industrial fund
|
| Barrier prices: | $52.98 for consumer fund, $28.96 for technology fund, $16.95 for financial fund, $38.80 for industrial fund; 70% of initial prices
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| Call prices: | $64.34 for consumer fund, $35.16 for technology fund, $20.58 for financial fund, $47.12 for industrial fund; 85% of initial prices
|
| Pricing date: | April 2
|
| Settlement date: | April 8
|
| Agent: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06741UTM6
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