Published on 6/3/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $787,000 phoenix autocallable notes on S&P 500, Russell
By Sarah Lizee
Olympia, Wash., June 3 – Barclays Bank plc priced $787,000 of phoenix autocallable notes due May 29, 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.
The notes will pay a contingent quarterly coupon at an annual rate of 6% if each index closes at or above its 70% coupon barrier on a related observation date.
After one year, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any observation date other than the final date.
The payout at maturity will be par unless either index finishes below 70% of its initial level, 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: | $787,000
|
| Maturity: | May 29, 2026
|
| Coupon: | 6% annualized, payable quarterly if each index closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below 70% of its initial level, in which case investors will be exposed to the decline of the worse performing index
|
| Call: | After one year, at par plus contingent coupon if each index closes at or above initial level on any observation date other than final date
|
| Initial level: | 2,802.39 for S&P, 1,504.02 for Russell
|
| Coupon barrier: | 1,961.67 for S&P, 1,052.81 for Russell, 70% of initial levels
|
| Final barrier: | 1,961.67 for S&P, 1,052.81 for Russell, 70% of initial levels
|
| Pricing date: | May 28
|
| Settlement date: | May 31
|
| Agent: | Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06747MT55
|
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