Published on 9/14/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.65 million phoenix autocallables tied to two indexes
By Susanna Moon
Chicago, Sept. 14 – Barclays Bank plc priced $1.65 million of phoenix autocallable notes due Sept. 13, 2023 linked to the least 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 annual rate of 5.3% if each index closes at or above its coupon barrier, 65% of its 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 its initial level on any quarterly observation date other than the final date.
The payout at maturity will be par unless either index finishes below its 60% trigger 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
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $1,648,000
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| Maturity: | Sept. 13, 2023
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| Coupon: | 5.3% per year, payable monthly if each index closes at or above 65% 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 if each index finishes at or above trigger level; otherwise, full exposure to decline of worse performing index
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| Call: | At par plus contingent coupon if each index close at or above initial levels on any quarterly observation date
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| Initial levels: | 1,399.43 for Russell and 2,461.43 for S&P
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| Coupon barriers: | 909.63 for Russell and 1,599.93 for S&P; 65% of initial levels
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| Trigger levels: | 839.66 for Russell and 1,476.86 for S&P; 60% of initial levels
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| Pricing date: | Sept. 8
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| Settlement date: | Sept. 13
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06744CHP9
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