Published on 4/1/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.78 million phoenix autocallables on three indexes
By Marisa Wong
Morgantown, W.Va., April 1 – Barclays Bank plc priced $4.78 million of phoenix autocallable notes due March 15, 2029 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 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 6.05% if each index closes at or above its 60% coupon barrier on a related quarterly observation date.
After one year, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date other than the final date.
The payout at maturity will be par unless any index falls by more than 40%, in which case investors will be exposed to the decline of the worst performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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Amount: | $4,784,000
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Maturity: | March 15, 2029
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Coupon: | 6.05% annualized, payable quarterly if each index closes at or above coupon barrier on related quarterly observation date
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Price: | Par
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Payout at maturity: | Par plus contingent coupon, if any, unless any index falls by more than 40%, in which case full exposure to losses of worst performing index
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Call: | After one year, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date other than final date
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Initial level: | 2,743.07 for S&P, 1,521.88 for Russell, 7,201.28 for Nasdaq
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Coupon barrier: | 1,674.91 for S&P, 929.90 for Russell, 4,320.77 for Nasdaq; 60% of initial level
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Final barrier: | 1,674.91 for S&P, 929.90 for Russell, 4,320.77 for Nasdaq; 60% of initial level
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Pricing date: | March 12
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Settlement date: | March 15
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Agent: | Barclays
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Fees: | 4.5%
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Cusip: | 06747MJ31
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