Published on 5/1/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.22 million phoenix autocallables on Russell, S&P
By Tali Rackner
Minneapolis, May 1 – Barclays Bank plc priced $2.22 million of phoenix autocallable notes due May 3, 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.
Each quarter, the notes will pay a contingent coupon at a rate of 5.85% per year if each index closes at or above its barrier level, 50% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date, beginning in April 2019.
If each index finishes at or above its 70% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the lesser-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: | $2,223,000
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| Maturity: | May 3, 2027
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 5.85% per year if each index closes at or above coupon barrier level on observation date for that quarter; otherwise, no coupon paid that quarter
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| Price: | Par
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| Payout at maturity: | Par plus final contingent coupon, if any, unless either index finishes below its barrier level, in which case 1% loss for every 1% that lesser-performing index finishes below initial level
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| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any coupon observation date beginning in April 2019
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| Initial index levels: | 1,400.43 for Russell 2000 and 2,384.20 for S&P 500
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| Coupon barrier/barrier levels: | 700.22 for Russell 2000 and 1,192.10 for S&P 500; 50% of initial levels
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| Pricing date: | April 28
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| Settlement date: | May 2
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| Agent: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06741VRR5
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