Published on 6/28/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $561,000 phoenix autocallables tied to index, two ETFs
By Wendy Van Sickle
Columbus, Ohio, June 28 – Barclays Bank plc priced $561,000 of phoenix autocallable notes due March 24, 2022 linked to the least performing of the Russell 2000 index, the SPDR S&P Regional Banking exchange-traded fund and the Technology Select Sector SPDR 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 7.4% 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 prior to maturity, beginning with the second observation date.
The payout at maturity will be par 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
|
| Underlying assets: | Russell 2000 index, SPDR S&P Regional Banking exchange-traded fund and Technology Select Sector SPDR fund
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| Amount: | $561,000
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| Maturity: | March 24, 2022
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| Coupon: | 7.4% annualized, payable quarterly if each asset closes at or above 70% coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par 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 other than final date beginning on second date
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| Initial levels: | 1,706.99 for Russell, $64.22 for banking and $71.58 for technology
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| Barrier levels: | 1,194.89 for Russell, $44.95 for banking and $50.11 for technology, 70% of initial levels
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| Pricing date: | June 20
|
| Settlement date: | June 25
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| Agent: | Barclays
|
| Fees: | 2.95%
|
| Cusip: | 06746XFN8
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