Published on 3/6/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.51 million phoenix autocallables due 2019 linked to three funds
By Wendy Van Sickle
Columbus, Ohio, March 6 – Barclays Bank plc priced $5.51 million phoenix autocallable notes due March 5, 2019 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.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 11.55% if each fund closes at or above the barrier level, 75% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid 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 one. If the notes are not called and each fund finishes at or above the barrier level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the lowest performing fund is less its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying ETFs: iShares Nasdaq Biotechnology exchange-traded fund, Financial Select Sector SPDR fund and Technology Select Sector SPDR fund
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| Amount: | $5,501,000
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| Maturity: | March 5, 2019
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| Coupon: | 11.55%, payable quarterly if each fund closes at or above barrier price on observation date for that quarter
|
| Price: | Par of $10.00
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| Payout at maturity: | Par unless any ETF finishes below barrier price on, in which case 1% loss for every 1% final share price of least performing ETF is less than initial price
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above its initial level on any observation date other than the final one
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| Initial share prices: | $297.23 for biotech fund, $24.54 for financial fund, $52.35 for technology fund
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| Barrier prices: | $222.92 for biotech fund, $18.41 for financial fund, $39.26 for technology fund, 75% of initial prices
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| Pricing date: | Feb. 28
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| Settlement date: | March 3
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741VL67
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