Published on 10/25/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.74 million 7% phoenix autocalls on S&P, Russell funds
By Susanna Moon
Chicago, Oct. 25 – Barclays Bank plc priced $1.74 million of phoenix autocallable notes due Oct. 29, 2026 linked to the lesser performing of the SPDR S&P 500 ETF and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 7% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any call valuation date other than the final date.
The payout at maturity will be par unless either underlying asset closes below its 65% trigger level, in which case investors will be exposed to any losses of the worse performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | SPDR S&P 500 ETF and iShares Russell 2000 ETF
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| Amount: | $1.74 million
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| Maturity: | Oct. 17, 2023
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| Coupon: | 7% annualized, payable semiannually if each asset closes at or above 70% coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either asset falls by more than 35%, in which case in which case 1% loss per 1% decline of worse performing fund
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| Call: | At par plus contingent coupon if each asset closes at or above initial level on any call valuation date other than final date
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| Initial levels: | $278.30 for S&P fund, $156.56 for Russell fund
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| Trigger levels: | $194.81 for S&P fund, $109.59 for Russell fund, 70% of initial levels
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| Trigger levels: | $180.90 for S&P fund, $101.76 for Russell fund, 65% of initial levels
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| Pricing date: | Oct. 10
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| Settlement date: | Oct. 17
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| Agent: | Barclays
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| Fees: | 2.42%
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| Cusip: | 06746XU84
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