Published on 1/31/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $660,000 phoenix autocalls on ETFs, Russell
By Wendy Van Sickle
Columbus, Ohio, Jan. 31 – Barclays Bank plc priced $660,000 of phoenix autocallable notes due Oct. 28, 2021 linked to the least performing of the Financial Select Sector SPDR Fund, the SPDR S&P Biotech ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.75% if each asset 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 asset closes at or above its initial level on any observation date other than the first and final dates.
The payout at maturity will be par unless any asset finishes below its 70% trigger level, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Financial Select Sector SPDR Fund, SPDR S&P Biotech ETF and Russell 2000 index
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| Amount: | $660,000
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| Maturity: | Oct. 28, 2021
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| Coupon: | 9.75% annualized, payable quarterly if each asset closes at or above 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 trigger, in which case 1% loss per 1% decline of worst performing asset
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| Call: | At par plus contingent coupon if each asset closes at or above initial level on any observation date other than first and final dates
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| Initial levels: | 1,601.67 for Russell, $29.95 for financial fund, $95.41 for biotech ETF
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| Coupon barriers/triggers: | 1,601.67 for Russell, $29.95 for financial fund, $95.41 for biotech ETF, 70% of initial levels
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 30
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| Agent: | Barclays
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| Fees: | 2.95%
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| Cusip: | 06744CT68
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