New Issue: Barclays prices $7.04 million phoenix autocallables tied to S&P, Russell

By Wendy Van Sickle

Columbus, Ohio, Feb. 28 – Barclays Bank plc priced $7.04 million of phoenix autocallable notes due Feb. 29, 2024 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 6.25% if each index closes at or above its barrier level, 60% 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 any observation date after one year.

The payout at maturity will be par unless either index finishes below its barrier level, in which case investors will lose 1% for each 1% decline of the worse performing index.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Phoenix autocallable notes
Underlying indexes:	S&P 500, Russell 2000
Amount:	$7,035,000
Maturity:	Feb. 29, 2024
Coupon:	6.25% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
Price:	Par
Payout at maturity:	Par unless either index finishes below barrier, in which 1% for each 1% decline of worse performing index
Call:	At par plus the contingent coupon if each index closes at or above its initial level on any observation date other after one year
Initial levels:	2,367.34 for S&P, 1,394.53 for Russell
Barriers:	1,420.40 for S&P, 836.72 for Russell; 60% of initial levels
Pricing date:	Feb. 24
Settlement date:	Feb. 28
Agent:	Barclays
Fees:	3.25%
Cusip:	06741VK84

© 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.