Published on 1/2/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $500,000 phoenix autocallables tied to Russell, Stoxx
By Tali Rackner
Minneapolis, Jan. 2 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due Dec. 29, 2021 linked to the lesser performing of Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5% if each index closes at or above its 60% coupon barrier level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any observation date beginning with the fourth observation date.
The payout at maturity will be par unless either index finishes below its 60% barrier level, in which case investors will be fully exposed to any losses to the lesser-performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Russell 2000, Euro Stoxx 50
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| Amount: | $500,000
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| Maturity: | Dec. 29, 2021
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| Coupon: | 5% per year, payable quarterly if each index closes at or above coupon barrier level 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 index finishes below barrier, in which case 1% loss for each 1% decline of lesser-performing index
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| Call: | At par plus contingent coupon if each index closes at or above initial level on any observation date beginning with the fourth observation date
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| Initial levels: | 1,547.11 for Russell and 3,570.78 for Stoxx
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| Barrier levels: | 928.27 for Russell and 2,142.47 for Stoxx; 60% of initial levels
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 27
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| Agent: | Barclays
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| Fees: | 2.75%
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| Cusip: | 06744CPV7
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