Published on 2/23/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.76 million autocallable notes tied to two ETFs
By Wendy Van Sickle
Columbus, Ohio, Feb. 23 – Barclays Bank plc priced $2.76 million of 0% autocallable notes due Aug. 20, 2019 linked to the lesser performing of the Financial Select Sector SPDR Fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized call premium of 18% if each underlying closes at or above its initial level on any quarterly call valuation date.
If the notes are not called and the final level of the least-performing underlying is at least 75% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the least-performing underlying from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable notes
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| Underlying ETFs: | Financial Select Sector SPDR Fund and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $2,759,000
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| Maturity: | Aug. 20, 2019
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | If the notes are not called and the final level of the least-performing underlying is at least 75% of its initial level, par; otherwise, 1% loss for each 1% decline of the least-performing underlying from its initial level
|
| Call: | At par plus an annualized call premium of 18% if each underlying closes at or above its initial level on any quarterly call valuation date
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| Initial levels: | $28.98 for financial fund, $33.92 for oil ETF
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| Barrier levels: | $21.74 for financial fund, $25.44 for oil ETF, 75% of initial levels
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| Pricing date: | Feb. 16
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| Settlement date: | Feb. 26
|
| Agent: | Barclays
|
| Fees: | 1.5%
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| Cusip: | 06744CU66
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