Published on 9/5/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.99 million phoenix autocallables on materials fund, Russell
By Marisa Wong
Madison, Wis., Sept. 5 – Barclays Bank plc priced $7.99 million of 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.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying components: | Materials Select Sector SPDR fund and Russell 2000 index
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| Amount: | $7,992,000
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| Maturity: | Sept. 8, 2017
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| Coupon: | 8% per year, payable quarterly if each underlying component closes at or above its barrier price on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | If each underlying component finishes at or above its barrier price, par plus the contingent coupon; otherwise, 1.25% loss for every 1% that lesser-performing underlying component declines beyond 20%
|
| Call: | Automatically at par plus contingent coupon if each underlying component closes at or above its initial level on any quarterly observation date beginning September 2015
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| Initial levels: | $50.44 for fund, 1,172.20 for index
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| Barrier levels: | $40.35 for fund, 937.76 for index
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| Pricing date: | Sept. 3
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| Settlement date: | Sept. 8
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| Agent: | Barclays
|
| Fees: | 0.1%
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| Cusip: | 06741UJG0
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