Published on 5/5/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.25 million of phoenix autocallables on indexes, ETF
By Devika Patel
Knoxville, Tenn., May 5 – Barclays Bank plc priced $1.25 million of phoenix autocallable notes due May 7, 2020 linked to the least performing of the Russell 2000 index, the S&P 500 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 7.25% per year if each underlying closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month. Otherwise, no coupon will be paid for that quarter.
The notes will be called at par plus the contingent coupon if each underlying closes at or above its initial level on any quarterly observation date prior to the final one, beginning on Nov. 4, 2017.
The payout at maturity will be par plus the final contingent coupon unless any underlying finishes below its barrier level of 60% of its initial level, in which case investors will lose 1% for each 1% decline of the least performing underlying.
Barclays is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Phoenix autocallable notes
|
Underlyings: | Russell 2000, S&P 500 and iShares MSCI EAFE exchange-traded fund
|
Amount: | $1.25 million
|
Maturity: | May 7, 2020
|
Coupon: | Each month, notes pay contingent coupon at rate of 7.25% per year if each underlying closes at or above barrier level on observation date for that month; otherwise, no coupon paid that quarter
|
Price: | Par
|
Payout at maturity: | Par plus final contingent coupon unless any underlying finishes below barrier level, in which case 1% loss for every 1% that least-performing underlying finishes below initial level
|
Call: | Automatically at par plus contingent coupon if each underlying closes at or above initial level on a quarterly observation date prior to the final one beginning Nov. 4, 2017
|
Initial levels: | 1,388.85 for Russell 2000, 2,389.52 for S&P 500, $64.87 for ETF
|
Coupon barrier levels: | 972.20 for Russell 2000, 1,672.66 for S&P 500, $45.41 for ETF; 70% of initial levels
|
Barrier levels: | 833.31 for Russell 2000, 1,433.71 for S&P 500, $38.92 for ETF; 60% of initial levels
|
Pricing date: | May 4
|
Settlement date: | May 8
|
Agent: | Barclays
|
Fees: | 0.9%
|
Cusip: | 06741VUY6
|
|
© 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.