Published on 8/30/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $130,000 phoenix autocallables linked to Russell, S&P
By Tali Rackner
Norfolk, Va., Aug. 30 – Barclays Bank plc priced $130,000 of phoenix autocallable notes due Aug. 30, 2017 linked to the lesser performing of the Russell 2000 index and the S&P 500 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 5.25% if each index closes at or above its barrier level, 65% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on the second or third quarterly observation date.
The payout at maturity will be par unless either index closes below its 65% barrier level on any day during the life of the notes and the lesser performing index finishes below its initial level, in which case investors will be fully exposed to the losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Russell 2000, S&P 500
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| Amount: | $130,000
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| Maturity: | Aug. 30, 2017
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| Coupon: | 5.25% per year, payable quarterly if either index closes at or above barrier level on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless either index closes below 65% barrier on any day during the life of the notes and the lesser performing index finishes below initial level, in which case full exposure to losses of the worse performing index
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| Call: | Automatically at par plus contingent coupon if either index closes at or above its initial level on second or third quarterly observation date
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| Initial levels: | 1,240.01 for Russell 2000, 2,172.47 for S&P 500
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| Barrier levels: | 806.01 for Russell 2000, 1,412.11 for S&P 500, 65% of initial levels
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 30
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| Agent: | Barclays
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| Fees: | 0.25%
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| Cusip: | 06741V7F3
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