Published on 7/1/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $768,000 phoenix autocallables tied to Russell, S&P 500
By Susanna Moon
Chicago, July 1 – Barclays Bank plc priced $768,000 of phoenix autocallable notes due June 30, 2023 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.25% if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date other than the final date beginning in June 2017.
The payout at maturity will be par plus the contingent coupon unless either index finishes below its 60% barrier level, in which case investors will fully exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlyings: | Russell 2000 index and S&P 500 index
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| Amount: | $768,000
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| Maturity: | June 30, 2023
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| Coupon: | 6.25%, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly observation date other than final date beginning in June 2017
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| Payout at maturity: | Par plus final contingent coupon unless either index finishes below barrier level, in which case full exposure to any losses of worst performing index
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| Initial levels: | 1,089.65 for Russell and 2,000.54 for S&P
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| Barrier levels: | 653.79 for Russell and 1,200.32 for S&P; 60% of initial levels
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| Pricing date: | June 27
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| Settlement date: | June 30
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| Agent: | Barclays
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| Fees: | 3.15%
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| Cusip: | 06741V4Q2
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