Published on 3/29/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.35 million phoenix autocallables on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, March 29 – Barclays Bank plc priced $2.35 million of phoenix autocallable notes due Sept. 30, 2019 linked to the least 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 6.25% if each index closes at or above its 70% 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 its initial price on any observation date starting with the second observation date.
The payout at maturity will be par unless either index finishes below its 70% barrier price, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | S&P 500 index and Russell 2000 index
|
| Amount: | $2,349,000
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| Maturity: | Sept. 30, 2019
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| Coupon: | 6.25% annualized, payable quarterly 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 either index finishes below barrier, in which case full exposure to losses of least performing index
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any observation date beginning with the second date
|
| Initial prices: | 1,543.717 for Russell and 2,658.55 for S&P
|
| Coupon barriers: | 1,080.60 for Russell and 1,860.99 for S&P, 70% of initial levels
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| Barriers: | 1,080.60 for Russell and 1,860.99 for S&P, 70% of initial levels
|
| Pricing date: | March 26
|
| Settlement date: | March 29
|
| Agent: | Barclays
|
| Fees: | 2.65%
|
| Cusip: | 06744CYY1
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