Published on 9/20/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $676,000 phoenix autocallables tied to Russell, S&P
By Tali Rackner
Norfolk, Va., Sept. 20 – Barclays Bank plc priced $676,000 of phoenix autocallable notes due Sept. 21, 2021 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.1% 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 plus the contingent coupon if each index closes at or above its initial level on any observation date other than the final date.
The payout at maturity will be par plus the contingent coupon unless either index finishes below its 60% barrier level, in which case investors will be 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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| Underlying indexes: | Russell 2000, S&P 500
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| Amount: | $676,000
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| Maturity: | Sept. 21, 2021
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| Coupon: | 6.1% per year, payable quarterly if either index closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless either index closes below 60% barrier level, in which case full exposure to losses of the worse performing index
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| Call: | After one year, automatically at par plus contingent coupon if either index closes at or above its initial level on any quarterly observation date other than the final date
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| Initial levels: | 1,224.78 for Russell 2000, 2,139.16 for S&P 500
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| Coupon barrier levels: | 857.35 for Russell 2000, 1,497.41 for S&P 500, 70% of initial levels
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| Barrier levels: | 734.87 for Russell 2000, 1,283.50 for S&P 500, 60% of initial levels
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| Pricing date: | Sept. 16
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| Settlement date: | Sept. 21
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| Agent: | Barclays
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| Fees: | 3.375%
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| Cusip: | 06741VB68
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