By Wendy Van Sickle
Columbus, Ohio, Feb. 10 – Barclays Bank plc priced $1.14 million of phoenix autocallable notes due Feb. 15, 2022 linked to the least performing of the SPDR S&P 500 exchange-traded fund and the iShares Russell 2000 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at an annualized rate of 7% if each fund closes at or above the barrier level – 60% of the initial price – on the observation date for a payment period. The first coupon observation date will be Feb. 8, 2018. After that, they will occur semiannually.
The notes will be called at par plus the contingent coupon if each fund closes at or above the initial price on any observation date other than the final date.
The payout at maturity will be par plus the contingent coupon unless either fund finishes below its barrier level, in which case investors will lose 1% for each 1% decline 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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| Underlyings: | SPDR S&P 500 ETF and iShares Russell 2000 ETF
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| Amount: | $1.14 million
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| Maturity: | Feb. 15, 2022
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| Coupon: | 7%, payable annually in first year and semiannually thereafter if each fund closes at or above barrier level on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless lesser-performing fund finishes below barrier level, in which case 1% loss for each 1% decline
|
| Call: | At par plus contingent coupon if each fund closes at or above initial price on any observation date other than the final date
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| Initial levels: | $229.24 for SPDR S&P and $135.00 for iShares Russell
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| Barrier levels: | $137.54 for SPDR S&P and $81.00 for iShares Russell; 60% of initial levels
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| Pricing date: | Feb. 8
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| Settlement date: | Feb. 15
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741VKM3
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