Published on 3/15/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million of phoenix autocallable notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, March 15 – Barclays Bank plc priced $2 million of phoenix autocallable notes due March 13, 2020 linked to the least-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.
The notes will pay a contingent monthly coupon at an annualized rate of 7.75% if each asset closes at or above the coupon barrier level – 65% of the initial price – on the observation date for that month.
The notes will be called at par plus the contingent coupon if each asset closes at or above the initial price on any observation date after six months.
The payout at maturity will be par plus the contingent coupon unless the least-performing asset finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | S&P 500 index, Russell 2000 index and iShares MSCI EAFE exchange-traded fund
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| Amount: | $2 million
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| Maturity: | March 13, 2020
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| Coupon: | 7.75%, payable monthly if each fund closes at or above barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless least-performing fund finishes below 60% barrier level, in which case 1% loss for each 1% decline of least-performing fund
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| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial price on any observation date
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| Initial levels: | 2,364.87 for S&P, 1,360.12 for Russell, $60.54 for ETF
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| Coupon barrier levels: | 1,537.17 for S&P, 884.08 for Russell, $39.35 for ETF; 65% of initial levels
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| Barrier levels: | 1,418.92 for S&P, 816.07 for Russell, $36.32 for ETF; 60% of initial levels
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| Pricing date: | March 10
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| Settlement date: | March 16
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| Agents: | Barclays
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| Fees: | 1.1%
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| Cusip: | 06741VNW8
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