Published on 4/3/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.2 million phoenix autocallable notes on S&P 500, Russell
By Sarah Lizee
Olympia, Wash., April 3 – Barclays Bank plc priced $1.2 million of phoenix autocallable notes due March 31, 2020 linked to the least 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 monthly coupon at an annual rate of 7% if each index closes at or above its 70% coupon barrier on a related monthly observation date.
After three months, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any monthly observation date other than the final date.
The payout at maturity will be par unless either index finishes below its initial level and either index ever closes below 70% of its initial level during the life of the notes, in which case investors will be exposed to the decline of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | S&P 500 index and Russell 2000 index
|
| Amount: | $1,202,000
|
| Maturity: | March 31, 2020
|
| Coupon: | 7% annualized, payable monthly if each index closes at or above coupon barrier on related monthly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below its initial level and either index ever closes below 70% of its initial level during the life of the notes, in which case investors will be exposed to the decline of the worse performing index
|
| Call: | After three months, at par plus contingent coupon if each index closes at or above initial level on any monthly observation date other than final date
|
| Initial level: | 2,834.40 for S&P, 1,539.74 for Russell
|
| Coupon barrier: | 1,984.08 for S&P, 1,077.82 for Russell, 70% of initial level
|
| Final barrier: | 1,984.08 for S&P, 1,077.82 for Russell, 70% of initial level
|
| Pricing date: | March 29
|
| Settlement date: | April 3
|
| Agent: | Barclays
|
| Fees: | 0.675%
|
| Cusip: | 06747MGC4
|
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