Published on 1/29/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.35 million trigger phoenix autocallables linked to indexes
By Susanna Moon
Chicago, Jan. 29 - Barclays Bank plc priced $6.35 million of trigger phoenix autocallable optimization securities due Jan. 31, 2024 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.18% if each index closes at or above the 70% coupon barrier level on an observation date for that quarter.
The notes will be called at par of $10 plus the contingent coupon if each index closes above its initial level on any quarterly observation date after one year.
The payout at maturity will be par plus the contingent coupon unless either index finishes below the 50% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
UBS Financial Services Inc. and Barclays are the underwriters.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying indexes: | Euro Stoxx 50, Russell 2000
|
| Amount: | $6,347,360
|
| Maturity: | Jan. 31, 2024
|
| Coupon: | 7.18% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus contingent coupon unless either index finishes below trigger level, in which case full exposure to any losses of the worse performing index
|
| Call: | At par plus contingent coupon if each index closes above its initial on any quarterly observation date after one year
|
| Initial index levels: | 3,028.20 for Euro Stoxx and 1,144.13 for Russell
|
| Coupon barrier levels: | 2,119.74 for Euro Stoxx and 800.89 for Russell; 70% of initial level
|
| Trigger levels: | 1,514.1 for Euro Stoxx and 572.07 for Russell; 50% of initial level
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 31
|
| Agents: | UBS Financial Services Inc. and Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06742B816
|
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