Published on 11/29/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $80,000 phoenix autocalls on two ETFs
By Wendy Van Sickle
Columbus, Ohio, Nov. 29 – Barclays Bank plc priced $80,000 of phoenix autocallable notes due Nov. 30, 2020 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production ETF and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.5% if each underlying asset closes at or above its 60% coupon barrier 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 first and final dates.
The payout at maturity will be par unless any underlying asset finishes below its 60% trigger level, in which case investors will be exposed to any losses of the worst performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying assets: | SPDR S&P Oil & Gas Exploration & Production ETF, VanEck Vectors Gold Miners ETF
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| Amount: | $80,000
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| Maturity: | Nov. 30, 2020
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| Coupon: | 11.5% annualized, payable quarterly if each asset closes at or above coupon barrier on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any asset finishes below trigger, in which case 1% loss per 1% decline of the worst performing asset
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any call valuation date other than final date beginning with second date
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| Initial levels: | $18.87 for Gold, $32.59 for Oil & Gas
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| Coupon barriers: | $18.87 for Gold, $32.59 for Oil & Gas, 60% of initial levels
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| Trigger levels: | $18.87 for Gold, $32.59 for Oil & Gas, 60% of initial levels
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| Pricing date: | Nov. 27
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| Settlement date: | Nov. 30
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| Agent: | Barclays
|
| Fees: | 2.55%
|
| Cusip: | 06746XWE9
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