Published on 7/31/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $777,000 phoenix autocallables linked to Russell 2000, S&P 500
By Wendy Van Sickle
Columbus, Ohio, July 31 – Barclays Bank plc priced $777,000 of phoenix autocallable notes due July 31, 2024 linked to the lesser performing of the S&P 500 index and the Russell 2000 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 6% 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 any quarterly observation date after one year other than the final date.
The payout at maturity will be par unless either index finishes below its 60% trigger level, 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: | S&P 500 and Russell 2000
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| Amount: | $777,000
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| Maturity: | July 31, 2024
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| Coupon: | 6% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon, if any, if each index finishes at or above trigger price; otherwise, full exposure to decline of lesser-performing index
|
| Call: | Beginning in June 2018, automatically at par plus contingent coupon if indexes close at or above initial levels on any quarterly observation date other than final one
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| Initial levels: | 2,477.83 for S&P and 1,441.28 for Russell
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| Coupon barriers: | 1,734.48 for S&P and 1,009.60 for Russell; 70% of initial levels
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| Triggers: | 1,486.70 for S&P and 865.37 for Russell; 60% of initial levels
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| Pricing date: | July 26
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| Settlement date: | July 31
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| Agent: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06744CAJ0
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