Published on 12/3/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.18 million phoenix autocallables linked to S&P 500, Russell 2000
By Tali Rackner
Norfolk, Va., Dec. 3 – Barclays Bank plc priced $1.18 million of phoenix autocallable notes due Nov. 30, 2022 linked to the lesser performing of the S&P 500 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 6.65% per year if each index closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
Beginning in November 2016, 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 other than the final one.
If the notes are not called, the payout at maturity will be par plus the final contingent coupon, if any, unless either index finishes below 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
|
Issue: | Phoenix autocallable notes
|
Underlying indexes: | S&P 500 and Russell 2000
|
Amount: | $1,182,000
|
Maturity: | Nov. 30, 2022
|
Coupon: | Each quarter, notes pay contingent coupon at rate of 6.65% per year if each index closes at or above barrier level on observation date for that quarter; otherwise, no coupon paid that quarter
|
Price: | Par
|
Payout at maturity: | Par plus final contingent coupon, if any, either index finishes below 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
|
Call: | Beginning November 2016, automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date other than final one
|
Initial index levels: | 2,089.14 for S&P 500 and 1,188.81 for Russell 2000
|
Barrier levels: | 1,253.48 for S&P 500 and 713.29 for Russell 2000; 60% of initial levels
|
Pricing date: | Nov. 24
|
Settlement date: | Nov. 30
|
Agent: | Barclays
|
Fees: | 3%
|
Cusip: | 06741US54
|
|
|
© 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.