By William Gullotti
Buffalo, N.Y., Sept. 26 – Barclays Bank plc priced $14.25 million of trigger autocallable contingent yield notes due Sept. 24, 2027 linked to the lesser performing of the Energy Select Sector SPDR Fund and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.8% if each ETF closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be redeemed at par plus the coupon if each ETF closes at or above its initial level on any quarterly observation date after one year.
If each ETF finishes at or above its 60% downside threshold, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays and UBS Financial Services Inc. are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger autocallable contingent yield notes
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Underlying ETFs: | Energy Select Sector SPDR Fund, SPDR S&P 500 ETF Trust
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Amount: | $14,246,000
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Maturity: | Sept. 24, 2027
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Coupon: | 11.8% annual rate, payable quarterly if each ETF closes at or above coupon barrier on observation date
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Price: | Par of $10
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Payout at maturity: | Par plus the coupon if each ETF finishes at or above downside threshold; otherwise, 1% loss for each 1% decline of the worst performer from initial level
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Call: | At par plus the coupon if each ETF closes at or above initial level on any quarterly observation date after one year
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Initial levels: | $377.39 for S&P ETF, $75.97 for Energy ETF
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Coupon barriers: | $226.43 for S&P ETF, $45.58 for Energy ETF; 60% of initial levels
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Downside thresholds: | $226.43 for S&P ETF, $45.58 for Energy ETF; 60% of initial levels
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Pricing date: | Sept. 21
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Settlement date: | Sept. 26
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Agents: | Barclays and UBS Financial Services Inc.
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Fees: | 2.5%
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Cusip: | 06748C859
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