Published on 10/25/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.29 million phoenix autocallables linked to S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Oct. 25 – Barclays Bank plc price $5.29 million of phoenix autocallable notes due Oct. 26, 2026 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.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes will be called at par plus the contingent coupon if each fund closes at or above its initial level on any observation date beginning other than the first and final dates.
The payout at maturity will be par plus the contingent coupon unless either finishes below its 50% barrier level, in which case investors will be fully exposed to the loss of the lesser performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | Russell 2000, S&P 500
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| Amount: | $5,286,000
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| Maturity: | Oct. 26, 2026
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| Coupon: | 8% per year, payable quarterly if either index closes at or above barrier level on observation date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless either index closes below 50% barrier level, in which case full exposure to losses of the worse performing index
|
| Call: | Automatically at par plus contingent coupon if either index closes at or above its initial level on any quarterly observation date other than first and final dates
|
| Initial levels: | 1,218.10 for Russell 2000, 2,141.16 for S&P 500
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| Coupon barrier levels: | 852.67 for Russell 2000, 1,498.81 for S&P 500, 70% of initial levels
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| Barrier levels: | 609.05 for Russell 2000, 1,070.58 for S&P 500, 50% of initial levels
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| Pricing date: | Oct. 21
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| Settlement date: | Oct. 26
|
| Agent: | Barclays
|
| Fees: | 2.85%
|
| Cusip: | 06741VDG4
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