Published on 9/4/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.47 million phoenix autocallables linked to indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Sept. 4 – Barclays Bank plc priced $4.47 million of phoenix autocallable notes Sept. 3, 2024 linked to the S&P 500 index, Russell 2000 index and SPDR S&P Oil & Gas Exploration & Production ETF, 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 12.25% if each asset closes at or above its coupon barrier, 70% of its initial share price, on the observation date for that month.
Starting after one year, the notes will be called at par plus the contingent coupon if each asset closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless any asset finishes below its barrier level, 60% of its initial share price, in which case investors will be exposed to the decline of the worst-performing asset from its initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying assets: | S&P 500 index, Russell 2000 index and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $4,471,000
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| Maturity: | Sept. 3, 2024
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| Coupon: | 12.25%, payable monthly if each asset closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless least-performing asset finishes below barrier level, in which case 1% loss for each 1% decline of least-performing asset from initial share price
|
| Call: | Starting after one year, notes will be called automatically at par if each asset closes at or above initial share price on any quarterly observation date
|
| Initial share prices: | 2,887.94 for S&P, 1,472.71 for Russell and $20.25 for ETF
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| Coupon barriers: | 2,021.56 for S&P, 1,030.9 for Russell and $14.18 for ETF, or 70% of initial share prices
|
| Barrier levels: | 1,732.76 for S&P, 883.63for Russell and $12.15 for ETF, or 60% of initial share prices
|
| Pricing date: | Aug. 28
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| Settlement date: | Sept. 3
|
| Agents: | Barclays
|
| Fees: | 4.125%
|
| Cusip: | 06747NE26
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