Published on 4/9/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $905,000 phoenix autocallable notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, April 9 – Barclays Bank plc priced $905,000 of phoenix autocallable notes due April 5, 2022 linked to the least performing of the SPDR S&P Biotech ETF, the SPDR S&P Bank ETF and the Technology Select Sector SPDR 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 15% if each ETF closes at or above its 51% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each ETF closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par unless any ETF finishes below 51% of its initial value, in which case investors will be fully exposed to the decline of the least performing ETF.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying ETFs: | SPDR S&P Biotech ETF, SPDR S&P Bank ETF and Technology Select Sector SPDR fund
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| Amount: | $905,000
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| Maturity: | April 5, 2022
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| Coupon: | 15% annualized, payable quarterly if each ETF closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any ETF finishes below final barrier, in which case investors will be fully exposed to the decline of the worst performing ETF
|
| Call: | At par plus contingent coupon if each ETF closes at or above initial level on any quarterly call observation date after six months
|
| Initial level: | $77.44 for Biotech, $26.96 for Bank, $80.37 for Technology
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| Coupon barriers: | $39.49 for Biotech, $13.75 for Bank, $40.99 for Technology; 51% of initial levels
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| Final barriers: | $39.49 for Biotech, $13.75 for Bank, $40.99 for Technology; 51% of initial levels
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| Pricing date: | March 31
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| Settlement date: | April 6
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06747PLL1
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