Published on 3/17/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $20.48 million trigger phoenix autocallables on Euro Stoxx, Russell
By Toni Weeks
San Luis Obispo, Calif., March 17 – Barclays Bank plc priced $20.48 million of trigger phoenix autocallable optimization securities due March 19, 2025 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above its coupon barrier, 70% of its initial level, on a quarterly observation date, the issuer will pay an annualized contingent coupon of 8.35% for that quarter. Otherwise, no coupon will be paid that quarter.
Beginning one year after issuance, the notes will be automatically called at par of $10 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 trigger level, 50% of its initial level, the payout at maturity will be par and, if applicable, the final coupon. Otherwise, investors will be exposed to the decline of the worst-performing index from its initial level.
UBS Financial Services Inc. and Barclays are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying indexes: | Euro Stoxx 50 and Russell 2000
|
| Amount: | $20,482,000
|
| Maturity: | March 19, 2025
|
| Coupon: | 8.35% 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 trigger level, par plus final coupon, if any; 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 March 3, 2016
|
| Initial levels: | 1,232.138 for Russell and 3,656.21 for Euro Stoxx
|
| Coupon barriers: | 862.497 for Russell, 2,559.35 for Euro Stoxx, 70% of initial levels
|
| Trigger levels: | 616.069 for Russell, 1,828.11 for Euro Stoxx, 50% of initial levels
|
| Pricing date: | March 13
|
| Settlement date: | March 18
|
| Agents: | UBS Financial Services Inc. and Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06743P749
|
© 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.
