Published on 5/8/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $187,000 phoenix autocallables tied to Russell, S&P 500
By Susanna Moon
Chicago, May 8 – Barclays Bank plc priced $187,000 of phoenix autocallable notes due Aug. 3, 2018 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 7% if each index closes at or above its coupon barrier, 70% 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, third or fourth observation date.
The payout at maturity will be par unless either index finishes below its initial level and ever closes its 70% knock-in barrier during the life of the notes, in which case investors will lose 1% for each 1% decline 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 and S&P 500
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| Amount: | $187,000
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| Maturity: | Aug. 3, 2018
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| Coupon: | 7% annualized payable quarterly if each index closes at or above 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless either index finishes below its initial level and either index closes below 70% knock-in barrier during life of notes, in which case 1% loss for every 1% decline of worse performing index
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| Call: | At par plus contingent coupon if each index closes at or above initial level on second, third or fourth observation date
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| Initial index levels: | 1,400.43 for Russell and 2,384.20 for S&P
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| Barrier levels: | 980.30 for Russell and 1,668.94 for S&P; 70% of initial levels
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| Pricing date: | April 28
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| Settlement date: | May 3
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| Agent: | Barclays
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| Fees: | 0.5%
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| Cusip: | 06741VRG9
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