Published on 12/20/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.79 million of phoenix autocallables on three funds
By Devika Patel
Knoxville, Tenn., Dec. 20 – Barclays Bank plc priced $7.79 million of phoenix autocallable notes due Dec. 20, 2018 linked to the least-performing of the iShares Nasdaq Biotechnology ETF, 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 annualized rate of 14.1% if each fund closes at or above the barrier level – 75% of the initial price – 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 the initial price on any observation date after March 16, 2017.
The payout at maturity will be par plus the contingent coupon unless the least-performing fund finishes below the 75% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlyings: | iShares Nasdaq Biotechnology ETF, the Financial Select Sector SPDR Fund and the Technology Select Sector SPDR Fund
|
| Amount: | $7,791,000
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| Maturity: | Dec. 20, 2018
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| Coupon: | 14.1%, payable quarterly if each fund closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless least-performing fund finishes below 75% barrier level, in which case 1% loss for each 1% decline
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial price on any observation date after March 16, 2017
|
| Initial levels: | $272.42 for iShares Nasdaq Biotechnology, $23.36 for Financial Select Sector and $48.59 for Technology Select Sector
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| Barrier levels: | $204.32 for iShares Nasdaq Biotechnology, $17.52 for Financial Select Sector and $36.44 for Technology Select Sector; 75% of initial levels
|
| Pricing date: | Dec. 16
|
| Settlement date: | Dec. 21
|
| Agents: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06741VFK3
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