Published on 6/3/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.41 million phoenix autocallables tied to three funds
By Susanna Moon
Chicago, June 3 – Barclays Bank plc priced $4.41 million of phoenix autocallable notes due June 1, 2018 linked to the least performing of the iShares Nasdaq Biotechnology exchange-traded fund, the Financial Select Sector SPDR fund and the Technology Select Sector SPDR fund, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.3% if each fund closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each fund closes at or above its initial level on any quarterly observation date other than the final date.
The payout at maturity will be par plus the contingent coupon unless any fund finishes below its 65% barrier level, in which case investors will fully exposed to any losses of the worst performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlyings: | iShares Nasdaq Biotechnology ETF, the Financial Select Sector SPDR fund and the Technology Select Sector SPDR fund
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| Amount: | $4,413,000
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| Maturity: | June 1, 2018
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| Coupon: | 10.3%, payable quarterly if each fund closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Call: | At par plus contingent coupon if each fund closes at or above initial level on any quarterly observation date other than final date
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| Payout at maturity: | Par plus final contingent coupon unless any fund finishes below barrier level, in which case full exposure to any losses of worst performing fund
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| Initial levels: | $273.69 for biotech fund, $23.65 for financial fund and $43.89 for tech fund
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| Barrier levels: | $177.90 for biotech fund, $15.37 for financial fund and $28.53 for tech fund; 65% of initial levels
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| Pricing date: | May 26
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| Settlement date: | June 1
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741V4A7
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