Published on 8/1/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.01 million phoenix autocalls tied to S&P 500, Russell
By Wendy Van Sickle
Columbus, Ohio, Aug. 1 – Barclays Bank plc priced $3.01 million of phoenix autocallable notes due July 28, 2028 linked to the lesser 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 index closes at or above its 65% coupon barrier on the observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above 105% of its initial level on any observation date beginning on the sixth date.
The payout at maturity will be par unless either underlying index 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 indexes: | S&P 500, Russell 2000
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| Amount: | $3.01 million
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| Maturity: | July 28, 2028
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| Coupon: | 6% annualized, payable monthly if each index closes at or above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below 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 index closes at or above 105% of initial level on any observation date beginning on the sixth date
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| Initial levels: | 2,846.07 for S&P, 1,685.2 for Russell
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| Coupon barriers: | 1,849.95 for S&P, 1,095.38 for Russell, 65% of initial levels
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| Triggers: | 1,707.64 for S&P, 1,011.12 for Russell, 60% of initial levels
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| Pricing date: | July 25
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| Settlement date: | July 30
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| Agent: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06746XJB0
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