Published on 5/1/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $9.32 million trigger phoenix autocallables on indexes
By Susanna Moon
Chicago, May 1 – Barclays Bank plc priced $9.32 million of trigger phoenix autocallable optimization securities due April 30, 2025 linked to the worst performing of the S&P 500 index and the Euro Stoxx 50 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 7.15% if each index closes at or above its coupon barrier level, 70% of its initial level, on an observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after one year.
If each index finishes at or above its 50% trigger level, the payout at maturity will be par.
Otherwise, investors will be exposed to any losses of the worst performing index.
UBS Financial Services Inc. and Barclays are the underwriters.
| Issuer: | Barclays Bank plc
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying indexes: | S&P 500 and Euro Stoxx 50
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| Amount: | $9,319,250
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| Maturity: | April 30, 2025
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| Coupon: | 7.15% annualized for each quarter that each index closes at or above coupon barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above trigger level, par; otherwise, full exposure to losses of worst performing index
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| Call: | At par if each index closes at or above its initial level on any quarterly observation date beginning April 27, 2016
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| Initial levels: | 2,114.76 for S&P, 3,715.42 for Euro Stoxx
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| Coupon barriers: | 1,480.33 for S&P, 2,600.79 for Euro Stoxx, 70% of initial levels
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| Trigger levels: | 1,057.38 for S&P, 1,857.71 for Euro Stoxx, 50% of initial levels
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| Pricing date: | April 28
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| Settlement date: | April 30
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| Underwriters: | UBS Financial Services Inc. and Barclays
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| Fees: | 3.5%
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| Cusip: | 06743P491
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