Published on 10/24/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $610,000 phoenix autocallable notes on three ETFs
By Wendy Van Sickle
Columbus, Ohio, Oct. 24 – Barclays Bank plc priced $610,000 of phoenix autocallable notes due July 22, 2020 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, VanEck Vectors Gold Miners ETF and SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at a rate of 7.75% per year if each ETF closes at or above its coupon barrier price, 70% of its initial price, on the related observation date.
The notes will be called at par if each ETF closes at or above its initial price on any quarterly call determination date after six months.
The payout at maturity will be par unless any ETF finishes below its 60% barrier, in which case investors will lose 1% for each 1% decline of the worst performing ETF.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying ETFs: | SPDR S&P Oil & Gas Exploration & Production ETF, VanEck Vectors Gold Miners ETF and SPDR S&P Regional Banking ETF
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| Amount: | $610,000
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| Maturity: | July 22, 2020
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| Coupon: | 7.75%, payable monthly if each ETF closes at or above its coupon barrier on related observation date
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless any ETF finishes below its barrier price, in which case investors will lose 1% for each 1% decline of worst performer
|
| Call: | At par if each ETF closes at or above its initial price on any quarterly call observation date after six months
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| Initial prices: | $41.15 for S&P oil and gas, $19.91 for Gold Miners, $56.62 for Regional Banking
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| Coupon barriers: | $28.81 for S&P oil and gas, $13.94 for Gold Miners, $39.63 for Regional Banking; 70% of initial prices
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| Barrier prices: | $24.69 for S&P oil and gas, $11.95 for Gold Miners, $33.97 for Regional Banking; 60% of initial prices
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| Pricing date: | Oct. 17
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| Settlement date: | Oct. 22
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| Agent: | Barclays
|
| Fees: | 2.325%
|
| Cusip: | 06746XU68
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