Published on 12/11/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.53 million more phoenix autocallables linked to S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 11 – Barclays Bank plc priced $1.53 million more phoenix autocallable notes due Nov. 30, 2023 linked to the least performing of the Russell 2000 index and the S&P 500 index in a reopening, according to a 424B2 filing with the Securities and Exchange Commission.
Barclays issued $1,613,000 of the notes on Dec. 5.
The notes will pay a contingent quarterly coupon at an annual rate of 7.65% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any call valuation date other than the first, second, third and final dates.
The payout at maturity will be par unless either underlying asset finishes below its 50% barrier level, in which case investors will be exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying assets: | Russell 2000 index, S&P 500 index
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| Amount: | $1,525,000 reopening
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| Previous issue: | $1,613,000 issued on Dec. 5
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| Maturity: | Nov. 30, 2023
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| Coupon: | 7.65% annualized, payable quarterly if each asset closes at or above 70% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon, if any, unless either asset finishes below 50% barrier level, in which case full exposure to loss of worse performing index
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any call valuation date other than final date beginning with fourth date
|
| Initial levels: | 1,533.27 for Russell, 2,760.17 for S&P
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| Coupon barrier levels: | 1,073.29 for Russell, 1,932.12 for S&P, 70% of initial levels
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| Barrier levels: | 766.64 for Russell, 1,380.09 for S&P, 50% of initial levels
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| Pricing date: | Dec. 6
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| Settlement date: | Dec. 11
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| Agent: | Barclays
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| Fees: | 0.75%
|
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| Cusip: | 06747M2K1
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