Published on 5/18/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.08 million phoenix autocallables on bank, oil funds
By Susanna Moon
Chicago, May 18 – Barclays Bank plc priced $1.08 million of phoenix autocallable notes due Aug. 15, 2019 linked to the lesser performing of the SPDR S&P Regional Banking exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production 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 9.25% if each fund closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each fund closes at or above its initial level on any observation date other the final.
The payout at maturity will be par unless either fund finishes below its 60% trigger level, in which case investors will be fully 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 funds: | SPDR S&P Regional Banking ETF and the SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1,077,000
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| Maturity: | Aug. 15, 2019
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| Coupon: | 9.25% annualized payable quarterly if each index closes at or above 70% coupon barrier on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless either index finishes below its 60% trigger, in which case 1% loss for each 1% decline of worse performing index
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| Call: | At par plus contingent coupon if each index closes at or above initial level on any observation date other final date
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| Initial levels: | $53.52 for banking fund, $35.29 for oil fund
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| Coupon barriers: | $37.46 for banking fund, $24.70 for oil fund; 70% of initial levels
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| Trigger levels: | $32.11 for banking fund, $21.17 for oil fund; 60% of initial levels
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| Pricing date: | May 12
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| Settlement date: | May 17
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| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
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| Fees: | 2.45%
|
| Cusip: | 06741VU59
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