Published on 9/29/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $9.12 million market-linked step-up autocallables on Russell 2000
By Marisa Wong
Morgantown, W.Va., Sept. 29 – Barclays Bank plc priced $9.12 million of 0% autocallable market-linked step-up notes due Sept. 28, 2018 tied to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus a call premium of 12.52% per year if the index closes at or above the initial level on Oct. 7, 2016 or Sept. 22, 2017.
If the index finishes above the step-up level – 125% of the initial value – the payout at maturity will be par plus the index return.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 25%.
Otherwise, investors will be fully exposed to any losses.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Autocallable market-linked step-up notes
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Underlying index: | Russell 2000
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Amount: | $9,119,740
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Maturity: | Sept. 28, 2018
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the index finishes above the step-up level, par plus the index return; if the index gains by up to the step-up level, par plus the step-up payment of 25%; otherwise, investors will be fully exposed to any losses
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Call: | At par plus a call premium of 12.52% per year if the index closes at or above the initial level on Oct. 7, 2016 or Sept. 22, 2017
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Initial level: | 1,137.536
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Step-up level: | 1,421.920, 125% of initial level
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Pricing date: | Sept. 24
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Settlement date: | Oct. 1
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 06743Q671
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