Published on 5/29/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $414,000 7% five-year phoenix autocalls on Dow, Russell
By Susanna Moon
Chicago, May 29 – Barclays Bank plc priced $414,000 of phoenix autocallable notes due May 23, 2023 linked to the least performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 7% if each underlying asset closes at or above its 80% coupon barrier on the observation date for that month.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any call valuation date other than the final date.
The payout at maturity will be par unless either underlying asset finishes below its 80% trigger level, in which case investors will be exposed to any losses of the worse performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying assets: | Dow Jones industrial average, Russell 2000 index
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Amount: | $414,000
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Maturity: | May 23, 2023
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Coupon: | 7% annualized, payable monthly if each asset closes at or above 80% coupon barrier on observation date for that month
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Price: | Par
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Payout at maturity: | Par unless either asset finishes below 80% trigger, in which case 1% loss per 1% decline of the worse performing index
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Call: | At par plus contingent coupon if each asset closes at or above initial level on any call valuation date other than final date
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Initial levels: | 24,715.09 for Dow, 1,626.63 for Russell
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Trigger levels: | 19,772.07 for Dow, 1,301.30 for Russell, 80% of initial levels
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Pricing date: | May 18
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Settlement date: | May 23
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Agent: | Barclays
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Fees: | 4.1%
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Cusip: | 06746XBY8
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