Published on 5/11/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $611,000 phoenix autocallable notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, May 11 – Barclays Bank plc priced $611,000 of phoenix autocallable notes due Feb. 8, 2024 linked to the least performing of the S&P 500 index, 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 monthly coupon at an annual rate of 12.5% if each asset closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the coupon, if any, unless any asset finishes below 60% of its initial value, in which case investors will be fully exposed to the decline of the least performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | S&P 500 index, SPDR S&P Biotech ETF and Russell 2000 index
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| Amount: | $611,000
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| Maturity: | Feb. 8, 2024
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| Coupon: | 12.5% annualized, payable monthly if each asset closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any asset finishes below final barrier, in which case investors will be fully exposed to the decline of the worst performing asset
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any quarterly observation date after six months
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| Initial level: | 2,868.44 for S&P, $97.50 for ETF, 1,273.51 for Russell
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| Coupon barriers: | 2,007.91 for S&P, $68.25 for ETF, 891.46 for Russell; 70% of initial levels
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| Final barriers: | 1,721.06 for S&P, $58.50 for ETF, 764.11 for Russell; 60% of initial levels
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| Pricing date: | May 5
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| Settlement date: | May 8
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06747PSF7
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