Published on 4/5/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million phoenix autocallables tied to S&P 500
By Marisa Wong
Morgantown, W.Va., April 5 – Barclays Bank plc priced $1 million of phoenix autocallable notes due April 1, 2021 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a semiannual contingent coupon at an annual rate of 9.75% if the index closes at or above its coupon barrier level, 80% of its initial level, on a semiannual observation date.
The notes will be called at par plus the contingent coupon if the index closes at or above its initial level on any observation date prior to the final valuation date.
If the index finishes at or above its 75% barrier level, the payout at maturity will be par plus the contingent coupon, if any. Otherwise, investors will be fully exposed to the index decline.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying index: | S&P 500
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| Amount: | $1 million
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| Maturity: | April 1, 2021
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| Coupon: | Semiannual contingent coupon at an annual rate of 9.75% if the index closes at or above its coupon barrier level on semiannual observation date
|
| Price: | Par
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| Payout at maturity: | If the index finishes at or above its barrier level, par plus the contingent coupon, if any; otherwise, investors will be fully exposed to the index decline
|
| Call: | At par plus the contingent coupon if the index closes at or above its initial level on any observation date prior to the final valuation date
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| Initial index level: | 2,055.01
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| Coupon barrier level: | 1,644.01, 80% of initial level
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| Barrier level: | 1,541.26, 75% of initial level
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| Pricing date: | March 29
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| Settlement date: | April 1
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| Agent: | Barclays
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| Fees: | None
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| Cusip: | 06741U6T6
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