Published on 7/13/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $314,000 of phoenix autocallable notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, July 13 – Barclays Bank plc priced $314,000 of phoenix autocallable notes due Dec. 30, 2019 linked to the least-performing of the S&P 500 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 quarterly coupon at an annualized rate of 6.5% if each asset closes at or above the coupon barrier level – 70% of the initial price – on the observation date.
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 its initial level and closes below the 70% knock-in level on any day during the life of the notes, 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 and iShares MSCI EAFE exchange-traded fund
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| Amount: | $314,000
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| Maturity: | Dec. 30, 2019
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| Coupon: | 6.5%, payable quarterly 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 initial level and ever closes below 70% knock-in level, in which case 1% loss for each 1% decline of least-performing fund
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial price on any observation date after six months
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| Initial levels: | 2,723.06 for S&P, $43.16 for ETF
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| Coupon barrier levels: | 1,906.14 for S&P, $30.21 for ETF; 70% of initial levels
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| Knock-in levels: | 1,906.14 for S&P, $30.21 for ETF; 70% of initial levels
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Agents: | Barclays
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| Fees: | 2.65%
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| Cusip: | 06746XEH2
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