Published on 1/2/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $189,000 phoenix autocallables tied to S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Jan. 2 – Barclays Bank plc priced $189,000 of phoenix autocallable notes due March 31, 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.
Each month, the notes will pay a contingent coupon at the rate of 8.35% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.
The notes will be called at par if each index closes at or above its initial level on any monthly observation date beginning with the third observation date.
If the notes are not called, the payout at maturity will be par plus the final contingent coupon unless either index finishes below its 70% barrier level, in which case investors will lose 1% for every 1% that the lesser-performing index declines.
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 and Russell 2000
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| Amount: | $189,000
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| Maturity: | March 31, 2020
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| Coupon: | 8.35% per year payable monthly if each index closes at or above coupon barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus final contingent coupon unless either index finishes below barrier, in which case 1% loss for every 1% that lesser-performing index finishes below the barrier level
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| Call: | Automatically at par if each index closes at or above initial level on any monthly observation date beginning with the third date
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| Initial index levels: | 2,467.7 for S&P and 1,329.81 for Russell
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| Coupon barrier levels: | 1,727.39 for S&P and 930.87 for Russell; 70% of initial levels
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| Final barrier levels: | 1,727.39 for S&P and 930.87 for Russell; 70% of initial levels
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| Pricing date: | Dec. 26
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| Settlement date: | Dec. 31
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| Agent: | Barclays
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| Fees: | 2.175%
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| Cusip: | 06747M5M4
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