Published on 5/23/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.24 million 8.25% contingent yield trigger autocalls tied to S&P 500
By Susanna Moon
Chicago, May 23 – Barclays Bank plc priced $2.24 million of trigger autocallable contingent yield notes due May 14, 2021 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 pay a contingent quarterly coupon at an annual rate of 8.25% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless either index finishes below its 70% trigger level, in which case investors will lose 1% for each 1% decline of the worse performing index.
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: | $2,238,000
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| Maturity: | May 14, 2021
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| Coupon: | 8.25% annualized, payable quarterly if each index closes at or above its 70% coupon barrier on observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | If each index finishes at or above trigger level, par; otherwise, 1% loss per 1% decline of worse performing index
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| Call: | At par if index closes at or above its initial level on each quarterly observation date beginning Nov. 13, 2018
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| Initial levels: | 2,727.72 for S&P, 1,606.792 for Russell
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| Trigger levels: | 1,909.40 for S&P, 1,124.754 for Russell; 70% of initial levels
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| Pricing date: | May 11
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| Settlement date: | May 16
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| Agents: | UBS Financial Services Inc. and Barclays
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| Fees: | None
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| Cusip: | 06746R353
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