Published on 3/2/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.95 million rate phoenix autocalls on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, March 2 – Barclays Bank plc priced $2.95 million of phoenix autocallable notes due Feb. 28, 2028 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 monthly coupon at an annual rate of 6.5% if each index closes at or above its 65% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if each index closes at or above 105% of its initial level on any call observation date other after the first six dates.
The payout at maturity will be par unless any underlying index finishes below its 60% barrier level, in which case investors will be fully exposed to any losses of the wors6 performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | Russell 2000, S&P 500
|
| Amount: | $2,945,000
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| Maturity: | Feb. 28, 2028
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| Coupon: | 6.5% annualized, payable monthly if each index closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any index finishes below barrier, in which case 1% loss per 1% decline of worst performing index
|
| Call: | At par plus contingent coupon if each index closes at or above 105% of initial level on any observation date after first six dates
|
| Call option: | At par on any interest payment date
|
| Initial levels: | 1,549.19 for Russell, 2,747.3 for S&P
|
| Coupon barriers: | 1,006.97 for Russell, 1,785.75 for S&P; 65% of initial levels
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| Barrier levels: | 929.51 for Russell, 1,648.38 for S&P; 60% of initial levels
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| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 28
|
| Agent: | Barclays
|
| Fees: | 3.15%
|
| Cusip: | 06744CX22
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