Published on 5/1/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.1 million 6% phoenix autocalls tied to S&P, Russell
By Susanna Moon
Chicago, May 1 – Barclays Bank plc priced $1.1 million of phoenix autocallable notes due April 27, 2028 linked to the least performing of the S&P 500 index and the Russell 2000 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 6% if each underlying asset closes at or above its 65% coupon barrier on the observation date for that month.
The notes will be called at par plus the contingent coupon if each asset closes at or above its 105% call level on any call valuation date other than the final date.
The payout at maturity will be par unless either underlying asset finishes below its 60% trigger level, in which case investors will be 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 assets: | S&P 500 index, Russell 2000 index
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| Amount: | $1,095,000
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| Maturity: | April 27, 2028
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| Coupon: | 6% annualized, payable monthly if each asset closes at or above 80% 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 unless either asset finishes below 60% trigger, in which case 1% loss per 1% decline of the worse performing index
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| Call: | At par plus contingent coupon if each asset closes at or above 105% call level on any call valuation date other than final date beginning with the sixth date
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| Initial levels: | 2,670.29 for S&P, 1,562.12 for Russell
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| Coupon barriers: | 1,822.47 for S&P, 1,066.15 for Russell, 65% of initial levels
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| Trigger levels: | 1,093.48 for S&P, 639.69 for Russell, 60% of initial levels
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| Pricing date: | April 23
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| Settlement date: | April 26
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06746X6F5
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