Published on 3/13/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.65 million phoenix autocallables linked to indexes
By Susanna Moon
Chicago, March 13 – Barclays Bank plc priced $1.65 million of phoenix autocallable notes due March 8, 2027 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 quarterly coupon at an annualized rate of 7% if each index closes at or above the coupon barrier – 60% of the 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 the initial price on the observation date beginning in March 2018.
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 and S&P 500
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| Amount: | $1.65 million
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| Maturity: | March 8, 2027
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| Coupon: | 7%, payable quarterly if each index closes at or above 60% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless either index finishes below 60% barrier level, in which case 1% loss for each 1% decline of worse performing index
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| Call: | At par plus contingent coupon if each index closes at or above initial price on observation date beginning in March 2018
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| Initial levels: | 2,383.12 for S&P, 1,394.13 for Russell
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| Barrier levels: | 1,429.87 | for S&P, 836.48 for Russell, 60% of initial levels
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| Pricing date: | March 6
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| Settlement date: | March 10
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| Agent: | Barclays
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| Fees: | 2.85%
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| Cusip: | 06741VNA6
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