Published on 3/6/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10.44 million phoenix autocallables linked to indexes
By Wendy Van Sickle
Columbus, Ohio, March 6 – Barclays Bank plc priced $10.44 million of phoenix autocallable notes due March 2, 2018 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.
The notes will pay a contingent monthly coupon at an annualized rate of 7.25% if each index closes at or above the coupon barrier – 70% of the initial level – on the observation date for that month.
The notes will be called at par plus the contingent coupon if each index closes at or above the initial price on the observation date in August 2017 or November 2017.
The payout at maturity will be par plus the contingent coupon unless either index ever closes below its 70% barrier level during the life of the notes, in which case investors will lose 1% for each 1% final decline, if any 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 and S&P 500
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| Amount: | $10,438,000
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| Maturity: | March 2, 2018
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| Coupon: | 7.25%, payable monthly if each index closes at or above 70% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless either index ever closes below barrier level during life of notes, in which case 1% loss for each 1% final decline, if any, of worse performing index
|
| Call: | At par plus contingent coupon if each index closes at or above initial price on observation date in August 2017 or November 2017
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| Initial levels: | 2,363.64 for S&P, 1,386.68 for Russell
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| Barrier levels: | 1,654.55 for S&P, 970.68 for Russell, 70% of initial levels
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| Pricing date: | Feb. 28
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| Settlement date: | March 3
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| Agent: | Barclays
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| Fees: | 0.6%
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| Cusip: | 06741VKR2
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