Published on 3/7/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 10.75% phoenix autocalls tied to Stoxx 50
By Susanna Moon
Chicago, March 7 – Barclays Bank plc priced $1 million of phoenix autocallable notes due Feb. 21, 2025 linked to 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 10.75% if the index closes at or above its 85% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the index closes at or above its initial level on any call observation date other than the final date.
The payout at maturity will be par unless the underlying index finishes below its 59.65% trigger level, in which case investors will be fully exposed to any losses.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying index: | Euro Stoxx 50
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Amount: | $1 million
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Maturity: | Feb. 21, 2025
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Coupon: | 10.75% annualized, payable quarterly if index closes at or above 85% 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 index finishes below 59.65% trigger, in which case 1% loss per 1% decline
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Call: | At par plus contingent coupon if index closes at or above initial level on any observation date other than final date
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Call option: | At par on any interest payment date
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Initial level: | 3,426.80
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Coupon barrier: | 2,912.78, 85% of initial level
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Trigger level: | 2,044.09, 59.65% of initial level
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Pricing date: | Feb. 16
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Settlement date: | Feb. 22
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Agent: | Barclays
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Fees: | None
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Cusip: | 06744CWJ6
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