By Wendy Van Sickle
Columbus, Ohio, Nov. 1 – Barclays Bank plc priced $637,000 of phoenix autocallable notes due Oct. 30, 2017 linked to the lesser performing of the Russell 2000 index and the S&P 500 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 7% per year if each index closes at or above the barrier level, 70% of the initial index level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
The notes will be called at par plus the contingent coupon if the indexes close at or above their initial index levels on the second or third quarterly observation date.
If the notes are not called and each index finishes at or above its initial level and has closed at or above barrier level every day during the life of the notes, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final level of the lesser-performing index is less than its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $637,000
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| Maturity: | Oct. 30, 2017
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| Coupon: | 7% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each index finishes at or above initial level and has closed at or above barrier price every day during life of notes; otherwise, full exposure to decline of lesser-performing index
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| Call: | At par plus contingent coupon if indexes close at or above initial levels on second or third quarterly observation date
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| Initial index levels: | 2,139.75 for S&P 500 and 1,204.75 for Russell 2000
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| Barrier level: | 1,497.60 for S&P 500 and 843.33 Russell 2000; 70% of initial level
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Agent: | Barclays
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| Fees: | 0.5%
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| Cusip: | 06741VCW0
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