Published on 9/28/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $9.22 million phoenix autocallables tied to index, funds
By Susanna Moon
Chicago, Sept. 28 – Barclays Bank plc priced $9.22 million of phoenix autocallable notes due Sept. 26, 2019 linked to the least performing of the Nasdaq-100 index, the SPDR S&P MidCap 400 ETF Trust and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.6% if each underlying component closes at or above its coupon barrier, 80% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index or fund closes at or above its initial level on any quarterly observation date other than the final date.
The payout at maturity will be par unless any underlying component finishes below its 80% trigger level, in which case investors will lose 1% for each 1% decline of the worst performing index or fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Nasdaq-100 index, the SPDR S&P MidCap 400 ETF Trust and the iShares MSCI Emerging Markets ETF
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| Amount: | $9,223,000
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| Maturity: | Sept. 26, 2019
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| Coupon: | 9.6% per year, payable quarterly if each component closes at or above 80% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each component finishes at or above trigger level; otherwise, full exposure to any losses of worst performing component
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| Call: | At par plus contingent coupon if each component closes at or above initial levels on any quarterly observation date other than final date
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| Initial levels: | 5,934.91 for Nasdaq, $320.33 for MidCap fund and $45.64 for EM fund
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| Trigger levels: | 4,747.93 for Nasdaq, $256.26 for MidCap fund and $36.51 for EM fund; 80% of initial levels
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 26
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06744C4S7
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