Published on 12/12/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million phoenix autocallables tied to Russell 2000
By Sarah Lizee
Olympia, Wash., Dec. 12 – Barclays Bank plc priced $1 million of phoenix autocallable notes due Dec. 12, 2023 linked to 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 9.75% if the underlying asset closes at or above its 80% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the asset closes at or above its initial level on any call valuation date other than the final date beginning with the fourth date.
The payout at maturity will be par unless the underlying asset ever closes below its 70% trigger level during the life of the notes, in which case investors will be exposed to any losses.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying asset: | Russell 2000 index
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Amount: | $1 million
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Maturity: | Dec. 12, 2023
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Coupon: | 9.75% annualized, payable quarterly if asset closes at or above 80% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon unless asset ever closes below 70% trigger, in which case 1% loss per 1% decline
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Call: | At par plus contingent coupon if asset closes at or above initial level on any call valuation date other than final date beginning with fourth date
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Initial level: | 1,448.09
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Coupon barrier: | 1,158.47, 80% of initial level
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Trigger level: | 1,013.66, 70% of initial level
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Pricing date: | Dec. 7
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Settlement date: | Dec. 12
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Agent: | Barclays
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Fees: | None
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Cusip: | 06747M3R5
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