Published on 12/28/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $286,000 9% phoenix autocalls tied to Nasdaq-100, Dow
Chicago, Dec. 28 –Barclays Bank plc priced $286,000 of phoenix autocallable notes due Nov. 29, 2019 linked to the lesser performing of the Nasdaq-100 index and the Dow Jones Industrial Average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9% if each underlying asset closes at or above its 75% 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 beginning in May 2019.
The payout at maturity will be par plus the coupon if both underlyings close at or above their initial levels or if the least performing underlying closes below its initial level and neither have ever closed under their 75% value on any trading day during the life of the notes. Otherwise, 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 indexes: | Nasdaq-100 index, Dow Jones industrial average
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Amount: | $286,000
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Maturity: | Nov. 29, 2019
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Coupon: | 9% annualized, payable quarterly if each asset closes at or above 75% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either asset ever closes below 75% barrier and the least performing underlying closes below its initial level, 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 observation date beginning on the second date
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Initial levels: | 6,949.01 for Nasdaq, 25,538.46 for Dow
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Trigger levels: | 5,211.76 for Nasdaq, 19,153.85 for Dow, 75% of initial levels
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Pricing date: | Nov. 30
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Settlement date: | Dec. 5
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Agent: | Barclays
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Fees: | 0.85%
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Cusip: | 06746XWZ2
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