Published on 12/13/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $520,000 phoenix autocallables tied to three indexes
By Susanna Moon
Chicago, Dec. 13 – Barclays Bank plc priced $520,000 of phoenix autocallable notes due Sept. 3, 2021 linked to the least performing of the Euro Stoxx 50 index, the Nikkei 225 index and the Euro Stoxx Banks 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 7.75% if each index closes at or above its 70% coupon barrier 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 quarterly call observation date.
The payout at maturity will be par unless any index finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worst 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, the Nikkei 225 index and the Euro Stoxx Banks index
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Amount: | $520,000
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Maturity: | Sept. 3, 2021
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Coupon: | 7.75% per year, payable quarterly if each index closes at or above 70% 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 if each index finishes at or above 60% trigger level; otherwise, 1% loss per 1% decline of worst 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
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Initial levels: | 3,589.91 for Stoxx 50, 22,597.20 for Nikkei and 133.16 for Stoxx Banks
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Coupon barriers: | 2,512.94 for Stoxx 50, 15,818.04 for Nikkei and 93.21 for Stoxx Banks; 70% of initial levels
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Trigger levels: | 2,153.95 for Stoxx 50, 13,558.32 for Nikkei and 79.90 for Stoxx Banks; 60% of initial levels
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Pricing date: | Nov. 29
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Settlement date: | Dec. 4
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Agent: | Barclays
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Fees: | 2.95%
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Cusip: | 06744CMP3
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