Published on 10/4/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $658,000 phoenix autocallables tied to two S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Oct. 4 – Barclays Bank plc priced $658,000 of phoenix autocallable notes due Oct. 5, 2022 linked to the least performing of the Euro Stoxx 50 index and the S&P 500 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 4.8% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that month.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date after one year.
The payout at maturity will be par unless either index finishes below its 65% trigger level, in which case investors will lose 1% for each 1% decline 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: | Euro Stoxx 50 index and S&P 500 index
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Amount: | $658,000
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Maturity: | Oct. 5, 2022
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Coupon: | 4.8% per year, payable monthly if each index closes at or above coupon barrier on observation date for that month
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Price: | Par
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Payout at maturity: | Par plus contingent coupon if each index finishes at or above trigger level; otherwise, full exposure to decline of worse performing index
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Call: | At par plus contingent coupon if each index close at or above initial levels on any quarterly call observation date after one year
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Initial levels: | 3,563.64 for Stoxx and 2,510.06 for S&P
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Coupon barriers: | 2,494.55 for Stoxx and 1,757.04 for S&P; 70% of initial levels
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Trigger levels: | 2,316.37 for Stoxx and 1,631.54 for S&P; 65% of initial levels
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Pricing date: | Sept. 28
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Settlement date: | Oct. 3
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Agent: | Barclays
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Fees: | 3.975%
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Cusip: | 06744C4M0
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