Published on 3/2/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.73 million rate phoenix autocalls on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, March 2 – Barclays Bank plc priced $6.73 million of phoenix autocallable notes due Feb. 28, 2019 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 annual rate of 8.85% if each index closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any call observation date other after the first six dates.
The payout at maturity will be par unless either underlying index finishes below its initial level and either index has closed below its 70% barrier level during the life of the notes, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | Russell 2000, S&P 500
|
| Amount: | $6,732,000
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| Maturity: | Feb. 28, 2019
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| Coupon: | 8.85% annualized, payable monthly if each index closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless either index finishes below initial level and either has closed below barrier during life of notes, in which case 1% loss per 1% decline of worst performing index
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any observation date after first six dates
|
| Call option: | At par on any interest payment date
|
| Initial levels: | 1,549.19 for Russell, 2,747.3 for S&P
|
| Coupon barriers: | 1,084.43 for Russell, 1,923.11 for S&P; 70% of initial levels
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| Barrier levels: | 1,084.43 for Russell, 1,923.11 for S&P; 70% of initial levels
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 28
|
| Agent: | Barclays
|
| Fees: | 0.6%
|
| Cusip: | 06744CWL1
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