Published on 10/30/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 phoenix autocallables tied to two funds, index
By Susanna Moon
Chicago, Oct. 30 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due April 29, 2021 linked to the least performing of the Euro Stoxx 50 index, the Financial Select Sector SPDR Fund and the iShares MSCI Emerging Markets exchange-traded 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 7.2% if each underlying component closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each underlying component closes at or above its initial level on any observation date other than the final date beginning with the second date.
The payout at maturity will be par unless any underlying component finishes below its 70% barrier level, in which case investors will be fully exposed to any losses to the worst performing index or fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Euro Stoxx 50 index, Financial Select Sector SPDR Fund and iShares MSCI Emerging Markets ETF
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| Amount: | $500,000
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| Maturity: | April 29, 2021
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| Coupon: | 7.2% per year, payable quarterly if each underlying component closes at or above 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any asset finishes below 70% barrier, in which case 1% loss for each 1% decline of worst performing index or fund
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| Call: | At par plus contingent coupon if each underlying component closes at or above initial level on any review date other than final date beginning with the second date
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| Initial levels: | 3,591.46 for Stoxx, $26.65 for financial fund, $45.79 for EM fund
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| Barrier levels: | 2,514.02 for Stoxx, $18.66 for financial fund, $32.05 for EM fund, 70% of initial levels
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| Pricing date: | Oct. 25
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| Settlement date: | Oct. 30
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| Agent: | Barclays
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| Fees: | 2.85%
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| Cusip: | 06744CG96
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