Published on 5/29/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.31 million phoenix autocallables on ETF, two indexes
By Toni Weeks
San Luis Obispo, Calif., May 29 – Barclays Bank plc priced $3.31 million phoenix autocallable notes due May 29, 2020 linked to the lesser performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 9.5% per year if each component closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
The notes will be called at par plus the contingent coupon if each component closes at or above its initial level on any quarterly observation date other than the final date.
If the notes are not called and the final level of the lesser-performing component is greater than or equal to its barrier level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the lesser-performing component finishes below its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Phoenix autocallable notes
|
Underlying components: | S&P 500 index, Russell 2000 index, iShares MSCI EAFE ETF
|
Amount: | $3,314,000
|
Maturity: | May 29, 2020
|
Coupon: | 9.5% per year if each component closes at or above its coupon barrier level on observation date for that quarter; otherwise, no coupon will be paid for that quarter
|
Price: | Par
|
Payout at maturity: | If final level of lesser-performing component is greater than or equal to its barrier level, par plus contingent coupon; otherwise, 1% loss for every 1% that lesser-performing component finishes below its initial level
|
Call: | At par plus contingent coupon if each component closes at or above its initial level on any quarterly observation date other than final date
|
Initial levels: | 2,123.48 for S&P, 1,254.36 for Russell, $67.41 for ETF
|
Coupon barrier levels: | 1,592.61 for S&P, 940.77 for Russell, $50.56 for ETF; 75% of initial levels
|
Pricing date: | May 27
|
Settlement date: | May 29
|
Underwriter: | Barclays
|
Fees: | 2.35%
|
Cusip: | 06741UXA7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.