Published on 5/30/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.13 million buffered phoenix autocallables tied to S&P, Russell
By Sarah Lizee
Olympia, Wash., May 30 – Barclays Bank plc priced $6.13 million of buffered phoenix autocallable notes due Nov. 30, 2026 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 month, the notes will pay a contingent coupon at an annual rate of 6% if each underlying asset closes at or above its 80% coupon barrier on the observation date for that month.
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 monthly call valuation date before the final valuation date.
The payout at maturity will be par unless any underlying asset falls by more than 20%, in which case investors will be lose 1% for each 1% of the worst performing index beyond 20%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered phoenix autocallable notes
|
| Underlying assets: | S&P 500 index, Russell 2000 index
|
| Amount: | $6,125,000
|
| Maturity: | Nov. 30, 2026
|
| Coupon: | 6% annualized, payable each month that each asset closes at or above coupon barrier on observation date for that month
|
| Price: | Par
|
| 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 20%
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any monthly valuation date other than final date after one year
|
| Initial levels: | 2,826.06 for S&P, 1,514.11 for Russell
|
| Coupon barriers: | 2,260.85 for S&P, 1,211.29 for Russell; 80% of initial levels
|
| Buffer levels: | 2,260.85 for S&P, 1,211.29 for Russell; 80% of initial levels
|
| Pricing date: | May 24
|
| Settlement date: | May 30
|
| Agent: | Barclays
|
| Fees: | 3.75%
|
| Cusip: | 06747MUE4
|
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