By Wendy Van Sickle
Columbus, Ohio, June 16 – Barclays Bank plc priced $1.91 million of phoenix autocallable notes due June 16, 2022 linked to the lesser performing of the iShares Russell 2000 exchange-traded fund and the SPDR S&P 500 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent coupon at the rate of 7% per year, payable annually for the first year and semiannually thereafter, if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
The notes will be called at par plus the contingent coupon if the ETFs close at or above their initial levels on any observation date other than the final one.
If the notes are not called and each ETF finishes at or above its barrier level, 60% of its initial level, the payout at maturity will be par plus the contingent coupon, if any. Otherwise, investors will lose 1% for every 1% that the final level of the lesser-performing ETF is less than its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying ETFs: | SPDR S&P 500 and iShares Russell 2000
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| Amount: | $1.91 million
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| Maturity: | June 16, 2022
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| Coupon: | 7% per year, payable annually for the first year and semiannually thereafter if each ETF closes at or above coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon, if any, if each ETF finishes at or above barrier price; otherwise, full exposure to decline of lesser-performing ETF
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| Call: | Automatically at par plus contingent coupon if ETFs close at or above initial levels on any observation date other than final one
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| Initial index levels: | $243.41 for SPDR S&P 500 and $141.61 for iShares Russell 2000
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| Coupon barriers: | $170.39 for SPDR S&P 500 and $99.13 for iShares Russell 2000, or 70% of initial levels
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| Barrier levels: | $146.05 for SPDR S&P 500 and $84.97 for iShares Russell 2000, or 60% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 16
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| Agent: | Barclays
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| Fees: | 1.5%
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| Cusip: | 06741VYJ5
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