Published on 5/9/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.27 million phoenix autocallables on Russell 2000, S&P 500
By Wendy Van Sickle
Columbus, Ohio, May 9 – Barclays Bank plc priced $1.27 million of phoenix autocallable notes due Nov. 1, 2019 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 quarterly coupon at an annual rate of 8.5% if each index closes at or above its 70% coupon barrier on the related observation date.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any observation date other than the first and final dates.
The payout at maturity will be par unless either index finishes below its initial level and either ever closes below its 70% barrier level, in which case investors will be fully exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $1,273,000
|
| Maturity: | Nov. 1, 2019
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 8.5% per year if each index closes at or above coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final contingent coupon unless either index finishes below initial level and closes below barrier level during the life of the notes, in which case 1% loss for every 1% that lesser-performing index finishes below initial level
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any monthly observation date other than the first and final dates
|
| Initial index levels: | 2,648.05 for S&P and 1,541.88 for Russell
|
| Coupon barrier/barrier levels: | 1,853.64 for S&P and 1,079.32 for Russell; 70% of initial levels
|
| Pricing date: | April 30
|
| Settlement date: | May 3
|
| Agent: | Barclays
|
| Fees: | 1.15%
|
| Cusip: | 06746X5P4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
