Published on 4/29/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $325,000 buffered phoenix autocallables on S&P, Russell
By Marisa Wong
Morgantown, W.Va., April 29 – Barclays Bank plc priced $325,000 of buffered phoenix autocallable notes due April 21, 2022 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.
Each quarter, the notes will pay a contingent coupon at an annual rate of 6.4% if each underlying asset closes at or above its 85% coupon barrier on the observation date for that quarter.
After one year, the notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly call valuation date before the final valuation date.
The payout at maturity will be par unless any underlying asset falls by more than 15%, in which case investors will be exposed to any losses of the worst performing index beyond 15%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered phoenix autocallable notes
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| Underlying assets: | S&P 500 index, Russell 2000 index
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| Amount: | $325,000
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| Maturity: | April 21, 2022
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| Coupon: | 6.4% annualized, payable each quarter that each asset closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any asset finishes below buffer level, in which case 1% loss per 1% decline of the worst performing index beyond 15%
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any quarterly valuation date other than final date after one year
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| Initial levels: | 2,905.58 for S&P, 1,579.17 for Russell
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| Coupon barriers: | 2,469.74 for S&P, 1,342.29 for Russell; 85% of initial levels
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| Buffer levels: | 2,469.74 for S&P, 1,342.29 for Russell; 85% of initial levels
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| Pricing date: | April 15
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| Settlement date: | April 18
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| Agent: | Barclays
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| Fees: | 2.8%
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| Cusip: | 06747MNR3
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