Published on 10/25/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million phoenix autocallables tied to S&P 500
By Wendy Van Sickle
Columbus, Ohio, Oct. 25 – Barclays Bank plc priced $1 million of phoenix autocallable notes due Oct. 26, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 9% if the index closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that period.
The notes will be called at par plus the contingent coupon if the index closes at or above its initial level on any observation date other than the final date.
The payout at maturity will be par plus the contingent coupon unless the index finishes below its 75% barrier level, in which case investors will be fully exposed to any losses.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying index: | S&P 500
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Amount: | $1 million
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Maturity: | Oct. 26, 2021
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Coupon: | 9% per year, payable semiannually if index closes at or above coupon barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | Par plus the contingent coupon unless the index finishes below its barrier level, in which case investors will be fully exposed to any losses
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Call: | At par plus the contingent coupon if the index closes at or above its initial level on any observation date other than final date
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Initial level: | 2,141.16
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Coupon barrier level: | 1,712.93, 80% of initial level
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Barrier level: | 1,605.87, 75% of initial level
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Pricing date: | Oct. 21
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Settlement date: | Oct. 26
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Agent: | Barclays
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Fees: | None
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Cusip: | 06741VDA7
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