Published on 10/20/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.07 million trigger phoenix autocallables on indexes
By Marisa Wong
Morgantown, W.Va., Oct. 20 – Barclays Bank plc priced $2.07 million of trigger phoenix autocallable optimization securities due Oct. 22, 2018 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.1% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
Beginning six months after issuance, 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% trigger level, the payout at maturity will be par plus the final contingent coupon, if any. Otherwise, investors will be exposed to the decline of the lesser-performing index.
Barclays and UBS Financial Services Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying indexes: | Russell 2000 and S&P 500
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| Amount: | $2,074,500
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| Maturity: | Oct. 22, 2018
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| Coupon: | 9.1% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
|
| Price: | Par of $10
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| Payout at maturity: | Par plus contingent coupon, if any, if each index finishes at or above trigger level; otherwise, full exposure to decline of lesser-performing index
|
| Call option: | At par plus contingent coupon, if any, on any quarterly observation date after six months
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| Initial index levels: | 1,162.309 for Russell, 2,033.11 for S&P 500
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| Barrier/trigger levels: | 813.616 for Russell, 1,423.18 for S&P 500; 70% of initial levels
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| Pricing date: | Oct. 16
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| Settlement date: | Oct. 21
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| Agents: | Barclays and UBS Financial Services Inc.
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| Fees: | 2%
|
| Cusip: | 06743Q382
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