Published on 6/27/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 of phoenix autocallable notes on stocks, ETFs
By Wendy Van Sickle
Columbus, Ohio, June 27 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due June 29, 2022 linked to the least-performing of three stocks and an exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying assets are the SPDR S&P 500 ETF, the iShares Russell 2000 ETF and the American depositary shares of Petroleo Brasileiro SA, Banco Bradesco SA and Itau Unibanco Holding SA.
The notes will pay a contingent semiannual coupon at an annualized rate of 8% if each asset closes at or above the coupon barrier level – 65% of the initial price – on the observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above 80% of the initial price on any observation date after six months.
The payout at maturity will be par plus the contingent coupon unless the least-performing asset finishes below its 55% knock-in level, in which case investors will lose 1% for each 1% decline of the least-performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | SPDR S&P 500 ETF,iShares Russell 2000 ETF, Petroleo Brasileiro SA, Banco Bradesco SA and Itau Unibanco Holding SA
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| Amount: | $500,000
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| Maturity: | June 29, 2022
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| Coupon: | 8%, payable semiannually if each fund closes at or above barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless least-performing asset finishes below knock-in level, in which case 1% loss for each 1% decline of least-performing fund
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above 80% of initial price on any observation date after six months
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| Initial levels: | $294.00 for S&P ETF, $153.95 for Russell ETF, $16.62 for Petrobras, $9.72 for Bradesco, $9.37 for Itau
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| Coupon barrier levels: | $191.10 for S&P ETF, $100.07 for Russell ETF, $10.80 for Petrobras, $6.32 for Bradesco, $6.09 for Itau; 65% of initial levels
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| Knock-in levels: | $161.70 for S&P ETF, $84.67 for Russell ETF, $9.14 for Petrobras, $5.35 for Bradesco, $5.15 for Itau; 55% of initial levels
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| Pricing date: | June 24
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| Settlement date: | June 27
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| Agents: | Barclays
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| Fees: | 1.45%
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| Cusip: | 06747N2L7
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