Published on 10/21/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $22.64 million trigger phoenix autocallables linked to S&P 500, Russell
By Jennifer Chiou
New York, Oct. 21 – Barclays Bank plc priced $22,643,190 of trigger phoenix autocallable optimization securities due Oct. 23, 2024 linked to lesser performing of the S&P 500 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 7.3% if each index closes at or above the coupon barrier level, 70% of the initial share price, on the observation date for that quarter.
The notes will be called at par of $10 plus the contingent coupon if each index closes at or above the initial level on any quarterly observation date.
If the notes are not called and each index finishes at or above the 50% trigger level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses of the worst-performing index.
UBS Financial Services Inc. and Barclays are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $22,643,190
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| Maturity: | Oct. 23, 2024
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| Coupon: | 7.3% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
|
| Price: | Par of $10
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| Payout at maturity: | Par plus contingent coupon if each index finishes at or above trigger price; otherwise, exposure to losses of the worst-performing index
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| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date
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| Initial levels: | 1,886.76 for S&P 500, 1,082.325 for Russell
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| Barrier levels: | 1,320.73 for S&P 500, 757.628 for Russell; 70% of initial levels
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| Trigger levels: | 943.38 for S&P 500, 541.163 for Russell; 50% of initial levels
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| Pricing date: | Oct. 17
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| Settlement date: | Oct. 22
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| Agents: | UBS Financial Services Inc. and Barclays
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| Fees: | 3.5%
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| Cusip: | 06740D715
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