Published on 8/9/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million phoenix autocalls tied to S&P 500, Russell 2000
By Wendy Van Sickle
Columbus, Ohio, Aug. 7 – Barclays Bank plc priced $1 million of phoenix autocallable notes due Aug. 5, 2020 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 quarterly coupon at an annual rate of 6% if each underlying index closes at or above its 70% coupon barrier on the observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any observation date beginning on the second date.
The payout at maturity will be par unless either underlying index finishes below its initial level and either index ever closes below its 70% 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: | $1 million
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| Maturity: | Aug. 5, 2020
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| Coupon: | 6% annualized, payable quarterly 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 initial level end either ever closes 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 initial level on any observation date beginning on the second date
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| Initial levels: | 2,816.29 for S&P, 1,670.81 for Russell
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| Coupon barriers: | 1,971.4 for S&P, 1,169.57 for Russell, 70% of initial levels
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| Triggers: | 1,971.4 for S&P, 1,169.57 for Russell, 70% of initial levels
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| Pricing date: | July 31
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| Settlement date: | Aug. 3
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| Agent: | Barclays
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| Fees: | 0.65%
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| Cusip: | 06746XK77
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