Published on 7/29/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $260,000 phoenix autocallables tied to Russell, S&P 500
By Wendy Van Sickle
Columbus, Ohio, July 29 – Barclays Bank plc priced $260,000 of phoenix autocallable notes due Oct. 27, 2017 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.25% if each index closes at or above its coupon barrier level, 70% 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 the second, third or fourth quarterly observation date.
The payout at maturity will be par plus the contingent coupon unless either index finishes below its initial level and has closed below 70% of its initial level any day during the life of the notes, in which case investors will fully exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlyings: | Russell 2000 index and S&P 500 index
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| Amount: | $260,000
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| Maturity: | Oct. 27, 2017
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| Coupon: | 7.25%, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
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| Call: | At par plus contingent coupon if each index closes at or above initial level on second, third or fourth quarterly observation date
|
| Payout at maturity: | Par plus final contingent coupon unless either index finishes below initial level and either index has closed below barrier level any day during life of notes, in which case full exposure to any losses of worse performing index
|
| Initial levels: | 1,216.86 for Russell and 2,000.54 for S&P
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| Barrier levels: | 851.80 for Russell and 1,518.43 for S&P; 70% of initial levels
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| Pricing date: | July 26
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| Settlement date: | July 29
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| Agent: | Barclays
|
| Fees: | 2%
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| Cusip: | 06741V6E7
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