Published on 7/5/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $13.42 million phoenix autocallable notes on three ETFs
By Wendy Van Sickle
Columbus, Ohio, July 5 – Barclays Bank plc priced $13.42 million of phoenix autocallable notes due June 30, 2020 linked to the least performing of the SPDR S&P Retail exchange-traded fund, 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 13.37% per year if each ETF closes at or above its coupon barrier price, 75% 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 determination date prior to maturity.
The payout at maturity will be par unless any ETF finishes below its 75% 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
|
| Issue: | Phoenix autocallable notes
|
| Underlying ETFs: | SPDR S&P Retail ETF, Health Care Select Sector SPDR fund and VanEck Vectors Semiconductor ETF
|
| Amount: | $13,423,000
|
| Maturity: | June 30, 2020
|
| Coupon: | 13.37%, payable quarterly if each ETF closes at or above its coupon barrier on related observation date
|
| Price: | Par of $1,000
|
| 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
|
| Call: | At par if each ETF closes at or above its initial price on any observation date other than the final date
|
| Initial prices: | $49.85 for Retail, $83.89 for Health Care, $103.69 for Semiconductor
|
| Coupon barriers/barriers: | $37.39 for Retail, $62.92 for Health Care, $77.77 for Semiconductor; 75% of initial prices
|
| Pricing date: | June 26
|
| Settlement date: | June 29
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06746XFU2
|
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