Barclays plans phoenix autocallables linked to materials ETF, Russell

By Angela McDaniels

Tacoma, Wash., Sept. 2 – Barclays Bank plc plans to price phoenix autocallable notes due Sept. 8, 2017 linked to the lesser performing of the Materials Select Sector SPDR Fund and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 8% per year if each underlying component closes at or above its barrier price, 80% of its initial level, on the observation date for that quarter.

Beginning in September 2015, the notes will be automatically called at par plus the contingent coupon if each underlying component closes at or above its initial level on any quarterly observation date.

If the notes are not called and each underlying component finishes at or above its barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1.25% for every 1% that the lesser-performing underlying component declines beyond 20%.

Barclays is the agent.

The notes are expected to price Sept. 3 and settle Sept. 8.

The Cusip number is 06741UJG0.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.