Published on 12/17/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.86 million trigger phoenix autocallables on Russell, S&P 500
By Marisa Wong
Morgantown, W.Va., Dec. 17 – Barclays Bank plc priced $4.86 million of trigger phoenix autocallable optimization securities due Dec. 20, 2019 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 9% per year if each index closes at or above its barrier level of 70% on the observation date for that quarter.
After one year, the notes will be called at par of $10 plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and each index finishes at or above the 70% trigger level, the payout at maturity will be par plus the final contingent coupon, if any. Otherwise, investors will be fully exposed to the decline of the lesser-performing index.
Barclays and UBS Financial Services Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger phoenix callable optimization securities
|
| Underlying indexes: | Russell 2000, S&P 500
|
| Amount: | $4,855,000
|
| Maturity: | Dec. 20, 2019
|
| Coupon: | 9% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon, if any, if each index finishes at or above trigger level; otherwise, full exposure to decline of lesser performing index
|
| Call option: | At par on any quarterly observation date after one year
|
| Initial index levels: | 1,131.552 for Russell, 2,043.41 for S&P 500
|
| Barrier/trigger levels: | 792.086 for Russell, 1,430.39 for S&P 500; 70% of initial levels
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 18
|
| Agents: | Barclays and UBS Financial Services Inc.
|
| Fees: | 2%
|
| Cusip: | 06743T519
|
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