Published on 7/27/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million phoenix autocallables tied to Russell, gold ETF
By Wendy Van Sickle
Columbus, Ohio, July 27 – Barclays Bank plc priced $1 million of phoenix autocallable notes due Jan. 29, 2019 linked to the least performing of the Russell 2000 index, and the VanEck Vectors Gold Miners 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 11.85% if each underlier closes at or above its coupon barrier, 75% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each underlier closes at or above its initial level on any quarterly observation date other than the final date.
The payout at maturity will be par unless either underlier finishes below its 75% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing underlier.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Russell 2000 index, VanEck Vectors Gold Miners exchange-traded fund
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| Amount: | $1 million
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| Maturity: | Jan. 29, 2019
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| Coupon: | 11.85% per year, payable quarterly if each underlier 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, if any, if each underlier finishes at or above barrier level; otherwise, full exposure to decline of least performing underlier
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| Call: | Automatically at par plus contingent coupon if each underlier closes at or above initial level on any quarterly observation date other than final one
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| Initial levels: | 1,438.06 for Russell, $22.05 for ETF
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| Barriers: | 1,078.55 for Russell, $16.54 for ETF; 75% of initial levels
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| Pricing date: | July 24
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| Settlement date: | July 27
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| Agent: | Barclays
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| Fees: | 2.35%
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| Cusip: | 06744CDB4
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