Published on 8/21/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $500,000 6.75% phoenix autocalls on three funds
By Wendy Van Sickle
Columbus, Ohio, Aug. 21 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due May 17, 2022 linked to the least performing of the SPDR S&P MidCap 400 ETF trust, SPDR S&P Regional Banking ETF and Technology Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6.75% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that month.
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.
The payout at maturity will be par unless any underlying asset finishes below its 70% trigger level, in which case investors will be exposed to any losses of the worst performing index or fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying assets: | SPDR S&P MidCap 400 ETF trust, SPDR S&P Regional Banking ETF and Technology Sector SPDR fund
|
| Amount: | $500,000
|
| Maturity: | May 17, 2022
|
| Coupon: | 6.75% annualized, payable monthly if each asset closes at or above 70% coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset finishes below 70% trigger, in which case 1% loss per 1% decline of the worst performing index or fund
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any call valuation date other than final date beginning on sixth date
|
| Initial levels: | $364.79 for MidCap, $62.94 for Regional Banking and $73.38 for Technology
|
| Coupon barriers: | $255.35 for MidCap, $44.06 for Regional Banking and $51.37 for Technology, 70% of initial levels
|
| Trigger levels: | $255.35 for MidCap, $44.06 for Regional Banking and $51.37 for Technology, 70% of initial levels
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 17
|
| Agent: | Barclays
|
| Fees: | 2.95%
|
|
|
| Cusip: | 06741WEJ5
|
|
|
© 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.
