Published on 5/4/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.59 million 9.5% phoenix autocalls tied to two funds
By Susanna Moon
Chicago, May 4 – Barclays Bank plc priced $2.59 million of phoenix autocallable notes due April 30, 2020 linked to the least performing of the SPDR S&P Regional Banking ETF and the Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% 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 call valuation date other than the final date.
The payout at maturity will be par unless either underlying asset finishes below its 75% trigger level, in which case investors will be exposed to any losses of the worse performing fund.
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 Regional Banking ETF and Energy Select Sector SPDR Fund
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Amount: | $2,589,000
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Maturity: | April 30, 2020
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Coupon: | 9.5% 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 plus contingent coupon unless either asset finishes below 75% trigger, in which case 1% loss per 1% decline of worse performing fund
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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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Call option: | At par on any interest payment date
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Initial levels: | $62.15 for banking fund, $74.61 for energy fund
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Trigger levels: | $46.61 for banking fund, $55.96 for energy fund, 75% of initial levels
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Pricing date: | April 26
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Settlement date: | April 30
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Agent: | Barclays
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Fees: | 2.35%
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Cusip: | 06746XAA1
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