Published on 5/2/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.16 million phoenix autocallables on two ETFs
By Wendy Van Sickle
Columbus, Ohio, May 2 – Barclays Bank plc priced $1.16 million of phoenix autocallable notes due April 28, 2023 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 semiannual coupon at an annual rate of 7% if each ETF closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if each ETF closes at or above its initial price on any observation date.
The payout at maturity will be par unless either ETF finishes below its 60% barrier price, in which case investors will be fully exposed to any losses of the worst performing ETF.
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 500 exchange-traded fund and iShares Russell 2000 exchange-traded fund
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Amount: | $1,156,000
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Maturity: | April 28, 2023
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Coupon: | 7% annualized, payable semiannually if each ETF closes at or above coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | Par plus contingent coupon unless either ETF finishes below barrier, in which case full exposure to losses of least performing ETF
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Call: | At par plus contingent coupon if each ETF closes at or above initial price on any observation date
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Initial prices: | $263.63 for S&P, $154.20 for Russell
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Coupon barriers: | $184.54 for S&P, $107.94 for Russell, 70% of initial price
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Barriers: | $158.18 for S&P, $92.52 for Russell, 60% of initial price
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Pricing date: | April 25
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Settlement date: | April 30
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Agent: | Barclays
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Fees: | 1.81%
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Cusip: | 06746X6Y4
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