Published on 10/25/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.08 million phoenix autocallables tied to three funds
By Wendy Van Sickle
Columbus, Ohio, Oct. 25 – Barclays Bank plc priced $3.08 million of phoenix autocallable notes due Oct. 25, 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 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 14.68% if each fund closes at or above its barrier level, 75% 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 observation date other than the final date.
The payout at maturity will be par plus the contingent coupon unless any fund finishes below its barrier level, in which case investors will be fully exposed to any losses of the worst performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying funds: | iShares Nasdaq Biotechnology exchange-traded fund, Financial Select Sector SPDR fund, Technology Select Sector SPDR fund
|
| Amount: | $3,083,000
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| Maturity: | Oct. 25, 2018
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| Coupon: | 14.68% per year, payable quarterly if each fund closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus the contingent coupon unless any fund finishes below its barrier level, in which case investors will be fully exposed to any losses of the least performing fund
|
| Call: | At par plus the contingent coupon if each fund closes at or above its initial level on any observation date other than final date
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| Initial prices: | $267.77 for biotech fund, $19.65 for financial sector fund, $47.53 for technology sector fund
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| Barrier level: | $200.83 for biotech fund, $14.74 for financial sector fund, $35.65 for technology sector fund, 75% of initial price
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| Pricing date: | Oct. 21
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| Settlement date: | Oct. 26
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| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06741VDF6
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