Published on 4/2/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.4 million trigger autocallable notes on Russell, S&P
By Marisa Wong
Morgantown, W.Va., April 2 – Barclays Bank plc sells $2.4 million trigger autocallable contingent yield notes due March 27, 2023 linked to 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 9.1% if each index closes at or above its coupon barrier, 70% of its initial level, on the related quarterly observation date.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after one year.
The payout at maturity will be par plus the contingent coupon unless either index finishes below the 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.
UBS Financial Services Inc. and Barclays are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $2.4 million
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Maturity: | March 27, 2023
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Coupon: | 9.1%, payable quarterly if each index closes at or above coupon barrier on related quarterly observation date
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Price: | Par of $10
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Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly observation date after one year
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Payout at maturity: | Par unless either index finishes below downside threshold, in which case 1% loss for each 1% decline of the worse performing index from initial level
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Initial levels: | 2,643.69 for S&P, 1,543.872 for Russell
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Coupon barriers: | 1,850.58 for S&P, 1,080.710 for Russell, 70% of initial levels
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Downside thresholds: | 1,850.58 for S&P, 1,080.710 for Russell, 70% of initial levels Pricing date: | March 23
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Settlement date: | March 28
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Agents: | UBS Financial Services Inc. and Barclays
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Fees: | None
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Cusip: | 06746R502
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