Published on 3/20/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.47 million phoenix autocallables tied to Russell, S&P
By Sarah Lizee
Olympia, Wash., March 20 – Barclays Bank plc priced $3.47 million of phoenix autocallable notes due March 22, 2029 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 5.45% per year if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period.
After one year, the notes will be called at par if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus any final contingent coupon unless either index finishes below its 60% 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
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $3,469,000
|
| Maturity: | March 22, 2029
|
| Coupon: | 5.45% per year payable quarterly if each index closes at or above coupon barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus any final contingent coupon unless either index finishes below barrier level, in which case 1% loss for every 1% that lesser-performing index finishes below its initial level
|
| Call: | After one year, automatically called at par if each index closes at or above its initial level on any quarterly observation date
|
| Initial levels: | 1,563.93 for Russell, 2,832.94 for S&P 500
|
| Coupon barriers: | 938.36 for Russell, 1,699.76 for S&P 500, 60% of initial levels
|
| Barrier levels: | 938.36 for Russell, 1,699.76 for S&P 500, 60% of initial levels
|
| Pricing date: | March 18
|
| Settlement date: | March 21
|
| Agent: | Barclays
|
| Fees: | 4.5%
|
| Cusip: | 06747MJG2
|
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