By Toni Weeks
San Luis Obispo, Calif., Feb. 26 – Barclays Bank plc priced $935,000 of phoenix autocallable notes due Feb. 27, 2020 linked to the worst performing of the S&P 500 index 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 7.25% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and each index finishes at or above its 70% barrier level, the payout at maturity will be par.
Otherwise, investors will be exposed to the decline of the worst-performing index.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc.
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $935,000
|
| Maturity: | Feb. 27, 2020
|
| Coupon: | 7.25% annualized for each quarter that each index closes at or above coupon barrier level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, full exposure to losses of worst-performing index
|
| Call: | At par if each index closes at or above initial level on any quarterly observation date beginning April 23
|
| Initial levels: | 1,233.98 for Russell and 2,115.48 for S&P
|
| Coupon barriers: | 863.79 for Russell, 1,480.84 for S&P, 70% of initial levels
|
| Pricing date: | Feb. 24
|
| Settlement date: | Feb. 27
|
| Underwriter: | Barclays
|
| Fees: | 2.35%
|
| Cusip: | 06741UQX5
|
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