Published on 11/18/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.98 million trigger phoenix autocallables linked to MSCI EAFE, Russell 2000
By Angela McDaniels
Tacoma, Wash., Nov. 18 – Barclays Bank plc priced $6.98 million of trigger phoenix autocallable optimization securities due Nov. 19, 2025 linked to the lesser performing of the MSCI EAFE index and the Russell 2000 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 8.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
After one year, the notes will be called at par of $10 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 and each index finishes at or above its trigger level, 50% of its initial level, the payout at maturity will be par plus the final contingent coupon, if any. Otherwise, investors will be fully exposed to the decline of the lesser-performing index.
UBS Financial Services Inc. and Barclays are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying indexes: | MSCI EAFE and Russell 2000
|
| Amount: | $6,979,780
|
| Maturity: | Nov. 19, 2025
|
| Coupon: | 8.5% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par of $10
|
| 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: | Automatically at par if each index closes at or above initial level on any quarterly observation date from Nov. 14, 2016 onward
|
| Initial index levels: | 1,712.18 for MSCI EAFE and 1,146.549 for Russell 2000
|
| Coupon barriers: | 1,198.53 for MSCI EAFE and 802.584 for Russell 2000; 70% of initial levels
|
| Trigger levels: | 856.09 for MSCI EAFE and 573.275 for Russell 2000; 50% of initial levels
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 18
|
| Agents: | UBS Financial Services Inc. and Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06743T402
|
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