Published on 4/6/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.45 million trigger autocallable contingent yield notes on Russell, bank ETF
By Wendy Van Sickle
Columbus, Ohio, April 6 – Barclays Bank plc priced $7.45 million trigger autocallable contingent yield notes due March 31, 2021 linked to the SPDR S&P Bank ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.5% if each asset closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each asset closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the contingent coupon, if any, unless either asset finishes below the 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worse performing asset from its initial level.
UBS Financial Services Inc. and Barclays are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | SPDR S&P Bank ETF and Russell 2000
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Amount: | $7,445,300
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Maturity: | March 31, 2021
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Coupon: | 8.5%, payable quarterly if each asset closes at or above coupon barrier on observation date
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Price: | Par of $10
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Call: | At par plus contingent coupon if each asset closes at or above initial level on any quarterly observation date after six months
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Payout at maturity: | Par plus any coupon unless either asset closes below downside threshold level, in which case will lose 1% for each 1% decline of the worse performing asset from initial level
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Initial levels: | $47.23 for ETF, 1,513.566 for Russell
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Coupon barriers: | $33.06 for ETF, 1,059.496 for Russell, 70% of initial levels
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Thresholds: | $33.06 for ETF, 1,059.496 for Russell, 70% of initial levels
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Pricing date: | March 27
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Settlement date: | March 29
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Agents: | UBS Financial Services Inc. and Barclays
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Fees: | 2%
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Cusip: | 06746R304
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