Published on 4/12/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million phoenix autocallables tied to S&P MidCap 400
By Angela McDaniels
Tacoma, Wash., April 12 – Barclays Bank plc priced $1 million of phoenix autocallable notes due April 13, 2021 linked to the S&P MidCap 400 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every six months, the notes will pay a contingent coupon at the rate of 9% per year if the index closes at or above the coupon barrier level, 80% of the initial index level, on the observation date for that semiannual period. Otherwise, no coupon will be paid for that semiannual period.
The notes will be called at par plus the contingent coupon if the index closes at or above the initial index level on any observation date other than the final one.
If the notes are not called and the index finishes at or above the barrier level, 75% of the initial index level, the payout at maturity will be par plus the contingent coupon, if applicable. Otherwise, investors will lose 1% for every 1% that the final index level is less than the initial index level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying index: | S&P MidCap 400
|
| Amount: | $1 million
|
| Maturity: | April 13, 2021
|
| Coupon: | 9% per year, payable semiannually if index closes at or above coupon barrier price on observation date for that semiannual period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon, if applicable, if index finishes at or above barrier price; otherwise, full exposure to index’s decline
|
| Call: | Automatically at par plus contingent coupon if index closes at or above initial level on any semiannual observation date other than final one
|
| Initial index level: | 1,427.22
|
| Coupon barrier level: | 1,141.78, 80% of initial level
|
| Barrier level: | 1,070.42, 75% of initial level
|
| Pricing date: | April 8
|
| Settlement date: | April 13
|
| Agent: | Barclays
|
| Fees: | None
|
| Cusip: | 06741U7L2
|
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