Published on 6/10/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $908,000 phoenix autocallables linked to S&P 500, Russell 2000
By Angela McDaniels
Tacoma, Wash., June 10 – Barclays Bank plc priced $908,000 of phoenix autocallable notes due May 30, 2023 linked to the lesser performing of 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 6.35% per year if each index closes at or above the barrier level, 60% of the initial index level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
Beginning in May 2017, the notes will be called at par plus the contingent coupon if the indexes close at or above their initial index levels on any observation date other than the final one.
If the notes are not called and each index finishes at or above its barrier level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final level of the lesser-performing index is less than its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $908,000
|
| Maturity: | May 30, 2023
|
| Coupon: | 6.35% 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 each index finishes at or above barrier price; otherwise, full exposure to decline of lesser-performing index
|
| Call: | Beginning in May 2017, automatically at par plus contingent coupon if indexes close at or above initial levels on any quarterly observation date other than final one
|
| Initial index levels: | 2,090.54 for S&P 500 and 1,141.02 for Russell 2000
|
| Barrier level: | 1,254.32 for S&P 500 and 684.61 for Russell 2000; 60% of initial level
|
| Pricing date: | May 25
|
| Settlement date: | May 31
|
| Agent: | Barclays
|
| Fees: | 3.15%
|
| Cusip: | 06741V3C4
|
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