Published on 10/19/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.07 million phoenix autocallable notes on three ETFs
By Wendy Van Sickle
Columbus, Ohio, Oct. 19 – Barclays Bank plc priced $1.07 million of phoenix autocallable notes due Oct. 16, 2023 linked to the least performing of the SPDR S&P 500 exchange-traded fund, iShares Russell 2000 ETF and SPDR Euro Stoxx 50 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at a rate of 8% per year if each ETF closes at or above its coupon barrier price, 65% of its initial price, on the related semiannual observation date.
The notes will be called at par if each ETF closes at or above its initial price on any semiannual determination date prior to maturity.
The payout at maturity will be par unless any ETF finishes below its 60% barrier, in which case investors will lose 1% for each 1% decline 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 ETFs: | SPDR S&P 500 ETF, iShares Russell 2000 ETF and SPDR Euro Stoxx 50 ETF
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| Amount: | $1.07 million
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| Maturity: | Oct. 16, 2023
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| Coupon: | 8%, payable semiannually if each ETF closes at or above its coupon barrier on related semiannual observation date
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any ETF finishes below its barrier price, in which case investors will lose 1% for each 1% decline of worst performer
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| Call: | At par if each ETF closes at or above its initial price on any semiannual observation date other than he final date
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| Initial prices: | $289.44 for S&P, $163.64 for Russell, $37.72 for Stoxx
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| Coupon barriers: | $188.14 for S&P, $106.37 for Russell, $24.52 for Stoxx; 65% of initial prices
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| Barrier prices: | $173.66 for S&P, $98.18 for Russell, $22.63 for Stoxx; 60% of initial prices
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| Pricing date: | Oct. 5
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| Settlement date: | Oct. 15
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| Agent: | Barclays
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| Fees: | 1.3%
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| Cusip: | 06746XTX1
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