By Sarah Lizee
Olympia, Wash., Dec. 27 – Barclays Bank plc priced $1 million of phoenix autocallable notes due Dec. 29, 2021 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.
Each quarter, the notes will pay a contingent coupon at the rate of 8% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period. Otherwise, no coupon will be paid for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date other than the first and final ones.
If the notes are not called, the payout at maturity will be par unless either index finishes below its initial level and either index closes below its 60% barrier level on any day during the life of the notes, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $1 million
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| Maturity: | Dec. 29, 2021
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| Coupon: | 8% per year payable quarterly if each index closes at or above coupon barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below initial level and either index closes below barrier level on any day during life of notes, in which case 1% loss for every 1% that lesser-performing index finishes below initial level
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly observation date other than first and final ones
|
| Initial index levels: | 1,266.93 for Russell and 2,351.10 for S&P
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| Coupon barrier levels: | 886.85 for Russell and 1,645.77 for S&P; 70% of initial levels
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| Barrier levels: | 760.16 for Russell and 1,410.66 for S&P; 60% of initial levels
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| Pricing date: | Dec. 24
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| Settlement date: | Dec. 28
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| Agent: | Barclays
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| Fees: | 0.7%
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| Cusip: | 06747M5G7
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