Published on 4/29/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.53 million trigger autocallable contingent yield notes linked to Nasdaq, S&P
By Angela McDaniels
Tacoma, Wash., April 29 – Barclays Bank plc priced $6.53 million of 0% trigger autocallable contingent yield notes due April 30, 2026 linked to the lesser performing of the Nasdaq-100 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 7.5% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
After one year, the notes will be automatically called at par of $10 if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and the final level of the lesser-performing index is greater than or equal to its downside threshold, 50% of its initial level, the payout at maturity will be par plus the final coupon, if any. Otherwise, investors will lose 1% for every 1% that the lesser-performing index’s final level is less than its initial level.
UBS Financial Services Inc. and Barclays are the underwriters.
Issuer: | Barclays Bank plc
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | Nasdaq-100 and S&P 500
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Amount: | $6,532,380
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Maturity: | April 30, 2026
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Coupon: | 7.5% per year, payable quarterly if each index closes at or above coupon barrier on observation day for that quarter
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Price: | Par of $10
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Payout at maturity: | If final level of lesser-performing index is greater than or equal to downside threshold, par plus final coupon, if any; otherwise, 1% loss for every 1% that lesser-performing index’s final level is less than initial level
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Call: | Beginning April 24, 2017, notes will be automatically called at par if each index closes at or above initial level on any quarterly observation date
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Initial levels: | 4,416.635 for Nasdaq-100 and 2,095.15 for S&P 500
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Coupon barriers: | 3,091.645 for Nasdaq-100 and 1,466.61 for S&P 500; 70% of initial levels
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Downside thresholds: | 2,208.318 for Nasdaq-100 and 1,047.58 for S&P 500; 50% of initial levels
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Pricing date: | April 27
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Settlement date: | April 29
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Underwriters: | UBS Financial Services Inc. and Barclays
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Fees: | 3.5%
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Cusip: | 06744K541
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