Published on 2/9/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4 million phoenix autocallables tied to index, ETFs
By Kiku Steinfeld
Chicago, Feb. 10 – Barclays Bank plc priced $4 million of phoenix autocallable notes due Jan. 29, 2027 linked to the least performing of the S&P 500 index, the iShares China Large-Cap exchange-traded fund 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 annual rate of 8% if each underlying asset closes at or above its 70% coupon barrier on the related quarterly observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly observation date after one year.
If the notes are not called, the payout at maturity will be par plus the final coupon unless any underlying asset finishes below its 70% barrier, in which case investors will be fully exposed to any losses of the worst performing index or fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying assets: | S&P 500 index, iShares MSCI EAFE ETF, iShares China Large-Cap ETF
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| Amount: | $4,000,000
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| Maturity: | Jan. 29, 2027
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| Coupon: | 8% annualized, payable quarterly if each asset closes at or above 70% coupon barrier on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon unless either asset finishes below 70% trigger, in which case 1% loss per 1% decline of worse performing index or fund
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any call valuation date after one year
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| Initial levels: | 3,273.45 for S&P, $68.70 MSCI EAFE, $41.20 China Large-Cap
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| Coupon barrier/barrier levels: | 2,291.42 for S&P, $48.09 MSCI EAFE, $28.84 China Large-Cap, 70% of initial levels
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| Pricing date: | Jan. 29
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| Settlement date: | Jan. 31
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| Agent: | Barclays
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| Fees: | 3.35%
|
| Cusip: | 06747P4Q9
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