Published on 8/1/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $526,000 of phoenix autocallable notes on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, Aug. 1 – Barclays Bank plc priced $526,000 of phoenix autocallable notes due July 30, 2020 linked to the least-performing of the Russell 2000 index, the SPDR S&P Oil & Gas Exploration & Production ETF and the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 8.75% if each asset closes at or above the coupon barrier level – 65% of the initial level – on the related observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above the initial level on any observation date beginning with the sixth one.
The payout at maturity will be par plus the contingent coupon unless the least-performing asset finishes below the 60% knock-in level, in which case investors will lose 1% for each 1% decline of the least-performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying assets: | Russell 2000 index, SPDR S&P Oil & Gas Exploration & Production ETF and SPDR S&P Regional Banking ETF
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| Amount: | $526,000
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| Maturity: | July 30, 2020
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| Coupon: | 8.75%, payable monthly if each asset closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless least-performing asset finishes knock-in level, in which case 1% loss for each 1% decline of least-performing asset
|
| Call: | Automatically at par plus contingent coupon if each asset closes at or above initial level on any observation date starting with the sixth one
|
| Initial levels: | 1,685.2 for index, $61.93 for Regional Banking, $42.99 for Oil & Gas
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| Coupon barriers: | 1,095.38 for index, $40.26 for Regional Banking, $27.94 for Oil & Gas; 65% of initial levels
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| Knock-in levels: | 1,011.12 for index, $37.16 for Regional Banking, $25.79 for Oil & Gas; 60% of initial levels
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| Pricing date: | July 25
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| Settlement date: | July 30
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| Agents: | Barclays
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| Fees: | 0.95%
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| Cusip: | 06746XJM6
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