Published on 3/11/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $13.17 million phoenix autocallable notes on Russell 2000
By Wendy Van Sickle
Columbus, Ohio, March 11 – Barclays Bank plc priced $13.17 million of phoenix autocallable notes due March 11, 2025 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.25% if the index closes at or above its 75% coupon barrier on a related observation date.
After six months, the notes will be called at par plus the contingent coupon if the index closes at or above its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par plus the coupon unless the index finishes below 70% of its initial value, in which case investors will be fully exposed to the index’s decline.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying index: | Russell 2000
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Amount: | $13,165,000
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Maturity: | March 11, 2025
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Coupon: | 7.25% annualized, payable quarterly if index closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus coupon unless index finishes below 70% of its initial value, in which case full exposure to index’s decline.
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Call: | After six months, at par plus contingent coupon if index closes at or above initial level on any quarterly observation date other than the final one
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Initial level: | 1,449.22
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Coupon barriers: | 1,086.92, 75% of initial levels
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Final barriers: | 1,014.45, 70% of initial levels
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Pricing date: | March 6
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Settlement date: | March 11
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Agent: | Barclays
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Fees: | 0%
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Cusip: | 06747PD48
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