Published on 12/11/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.22 million phoenix autocallables on indexes, ETF
By Marisa Wong
Madison, Wis., Dec. 11 – Barclays Bank plc priced $4.22 million of phoenix autocallable notes due Dec. 12, 2019 linked to the worst performing of the Dow Jones industrial average, the S&P MidCap 400 index and the iShares MSCI Emerging Markets exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
If each underlying asset closes at or above its 75% coupon barrier on any quarterly observation date, the notes will pay a contingent coupon at an annualized rate of 10.5% for that quarter.
The notes are callable at par on any quarterly observation date if the closing level of each underlying asset is equal to or greater than its initial level.
If the notes are not called, the payout at maturity will be par plus the contingent coupon unless the worst-performing asset finishes below the 75% trigger level, in which case investors will be exposed to the decline of the worst-performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying components: | Dow Jones industrial average, the S&P MidCap 400 index and the iShares MSCI Emerging Markets ETF
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| Amount: | $4.22 million
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| Maturity: | Dec. 12, 2019
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| Coupon: | 10.5% per year, payable quarterly if each underlying asset closes at or above its barrier level on any quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par plus the contingent coupon unless the worst-performing asset finishes below the barrier level, in which case investors will be exposed to the decline of the worst-performing asset.
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| Call: | At par on any quarterly observation date if the closing level of each underlying asset is equal to or greater than its initial level
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| Initial levels: | 17,801.20 for the Dow, 1,441.83 for the S&P MidCap, $39.90 for EM ETF
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| Barrier levels: | 13,350.90 for the Dow, 1,081.37 for the S&P MidCap, $29.93 for EM ETF; 75% of initial levels
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| Pricing date: | Dec. 9
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| Settlement date: | Dec. 12
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| Underwriter: | Barclays
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| Fees: | 2.35%
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| Cusip: | 06741JY45
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