Published on 1/19/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.7 million phoenix autocallables linked to S&P 500, biotech ETF
By Wendy Van Sickle
Columbus, Ohio, Jan. 19 – Barclays Bank plc priced $1.7 million of phoenix autocallable notes due Jan. 23, 2020 linked to the S&P 500 index and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if each asset closes at or above its barrier level, 65% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any observation date other than the final date.
The payout at maturity will be par plus the contingent coupon unless either asset finishes below its barrier level, in which case investors will be fully exposed to the loss of the worse performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying index: | S&P 500 index and SPDR S&P Biotech ETF
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| Amount: | $1.7 million
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| Maturity: | Jan. 23, 2020
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| Coupon: | 11% per year, payable quarterly if each asset closes at or above barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless either asset finishes below barrier level, in which case full exposure to loss of worse performing asset
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| Call: | At par plus the contingent coupon if each asset closes at or above its initial level on any observation date other than final date
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| Initial levels: | 2,267.89 for index, $63.43 for ETF
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| Barrier levels: | 1,474.13 for index, $41.23 for ETF, 65% of initial levels
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 20
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| Agent: | Barclays
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| Fees: | 2.35%
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| Cusip: | 06741VHJ4
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