New Issue: Barclays prices $930,000 of phoenix autocallable notes linked to ETFs

By Devika Patel

Knoxville, Tenn., March 13 – Barclays Bank plc priced $930,000 of phoenix autocallable notes due March 16, 2022 linked to the least-performing of the SPDR S&P 500 exchange-traded fund Trust and the iShares Russell 2000 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent semiannual coupon at an annualized rate of 7% if each fund closes at or above the barrier level – 60% of the initial price – on the first observation date. Following the first observation date, the notes will pay a contingent quarterly coupon at an annualized rate of 3.5% if each fund closes at or above the barrier level on the observation dates for each subsequent semiannual period.

The notes will be called at par plus the contingent coupon if each fund closes at or above the initial price on any observation date after March 19, 2018.

The payout at maturity will be par plus the contingent coupon unless the least-performing fund finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing fund.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Phoenix autocallable notes
Underlying ETFs:	SPDR S&P 500 exchange-traded fund Trust and iShares Russell 2000 exchange-traded fund
Amount:	$930,000
Maturity:	March 16, 2022
Coupon:	7%, payable semiannually if each fund closes at or above barrier level on first observation date; 3.5%, payable semiannually if each fund closes at or above barrier level on observation date for each semiannual period after the first observation date
Price:	Par
Payout at maturity:	Par plus contingent coupon unless least-performing fund finishes below 60% barrier level, in which case 1% loss for each 1% decline of least-performing fund
Call:	Automatically at par plus contingent coupon if each fund closes at or above initial price on any observation date after March 19, 2018
Initial levels:	$236.86 for SPDR S&P 500, $135.36 for iShares Russell 2000
Barrier levels:	$142.12 for SPDR S&P 500, $81.22 for iShares Russell 2000; 60% of initial levels
Pricing date:	March 9
Settlement date:	March 16
Agents:	Barclays
Fees:	1.35%
Cusip:	06741VNR9

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.