Published on 2/27/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $10.3 million phoenix autocallable notes on three ETFs
By Sarah Lizee
Olympia, Wash., Feb. 27 – Barclays Bank plc priced $10.3 million of phoenix autocallable notes due March 2, 2022 linked to the least performing of the SPDR S&P Retail ETF, Health Care Select Sector SPDR Fund and VanEck Vectors Semiconductor ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 10.26% per year if each ETF closes at or above its coupon barrier price, 70% of its initial price, on the related observation date.
The notes will be called at par if each ETF closes at or above its initial price on any quarterly call determination date.
The payout at maturity will be par unless any ETF finishes below its 70% barrier, in which case investors will lose 1% for each 1% decline of the worst performing ETF.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying ETFs: | SPDR S&P Retail ETF, Health Care Select Sector SPDR Fund and VanEck Vectors Semiconductor ETF
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| Amount: | $10.3 million
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| Maturity: | March 2, 2022
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| Coupon: | 10.26%, payable quarterly if each ETF closes at or above its coupon barrier on related observation date
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any ETF finishes below its barrier price, in which case investors will lose 1% for each 1% decline of worst performer
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| Call: | At par if each ETF closes at or above its initial price on any quarterly call observation date
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| Initial prices: | $42.69 for retail ETF, $97.13 for health care ETF, $134.93 for semiconductor ETF
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| Coupon barriers: | $29.88 for retail ETF, $67.99 for health care ETF, $94.45 for semiconductor ETF; 70% of initial prices
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| Barrier prices: | $29.88 for retail ETF, $67.99 for health care ETF, $94.45 for semiconductor ETF; 70% of initial prices
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| Pricing date: | Feb. 25
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| Settlement date: | March 2
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741WGB0
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