Published on 5/19/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.9 million trigger phoenix autocallables on Euro Stoxx 50, Russell 2000
By Toni Weeks
San Luis Obispo, Calif., May 19 – Barclays Bank plc priced $5.9 million of trigger phoenix autocallable optimization securities due May 21, 2020 linked to the least performing of the Euro Stoxx 50 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 8.05% if each index closes at or above its coupon barrier, 65% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date beginning after one year.
If the notes are not called and each index finishes at or above its 65% trigger level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses of the worst-performing index.
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: | $5,897,200
|
| Maturity: | May 21, 2020
|
| Coupon: | 8.05% 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 coupon; 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 May 16, 2016
|
| Initial levels: | 3,573.07 for Euro Stoxx, 1,243.948 for Russell
|
| Barrier/trigger levels: | 2,322.5 for Euro Stoxx, 808.566 for Russell, 65% of initial levels
|
| Pricing date: | May 15
|
| Settlement date: | May 20
|
| Agents: | UBS Financial Services Inc. and Barclays
|
| Fees: | 2.5%
|
| Cusip: | 06743N728
|
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