Published on 6/30/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $448,000 phoenix autocallables linked to Russell 2000, Euro Stoxx 50
By Angela McDaniels
Tacoma, Wash., June 30 – Barclays Bank plc priced $448,000 of phoenix autocallable notes due Dec. 30, 2016 linked to the lesser performing of the Russell 2000 index and the Euro Stoxx 50 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 7.6% per year if each index closes at or above its barrier level, 75% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
Beginning in December 2015, 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.
If the notes are not called, the payout at maturity will be par unless the final level of the lesser-performing index is less than its initial level and either index closes below its barrier level on any day during the life of the notes, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying indexes: | Russell 2000 and Euro Stoxx 50
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Amount: | $448,000
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Maturity: | Dec. 30, 2016
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Coupon: | Each quarter, notes pay contingent coupon at rate of 7.6% per year if each index closes at or above barrier level on observation date for that quarter; otherwise, no coupon paid that quarter
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Price: | Par
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Payout at maturity: | Par unless final level of lesser-performing index is less than initial level and either index closes below barrier level on any day during life of notes, in which case 1% loss for every 1% that lesser-performing index finishes below initial level
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Call: | Beginning in December 2015, notes will be called at par plus contingent coupon if each index closes at or above its initial level on any quarterly observation date
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Initial index levels: | 1,283.28 for Russell 2000 and 3,610.91 for Euro Stoxx 50
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Barrier levels: | 962.46 for Russell 2000 and 2,708.18 for Euro Stoxx 50; 75% of initial levels
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | Barclays
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Fees: | 2.75%
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Cusip: | 06741UXU3
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