By Angela McDaniels
Tacoma, Wash., Aug. 12 – Barclays Bank plc priced $2.07 million of phoenix autocallable notes due Aug. 17, 2021 linked to the lesser performing of the iShares Russell 2000 exchange-traded fund and the SPDR S&P 500 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Observation dates occur semiannually. The first observation date is Aug. 10, 2017.
Every six months, the notes will pay a contingent coupon at the rate of 7% per year if each ETF closes at or above the barrier level, 60% of the initial share price, on the observation date for that semiannual period. Otherwise, no coupon will be paid for that semiannual period.
The notes will be called at par plus the contingent coupon if the ETFs close at or above their initial share prices on any observation date other than the final one.
If the notes are not called and each ETF finishes at or above its barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price of the lesser-performing ETF is less than its initial share price.
Barclays is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Phoenix autocallable notes
|
Underlying ETFs: iShares Russell 2000 ETF fund and SPDR S&P 500 ETF
|
Amount: | $2.07 million
|
Maturity: | Aug. 17, 2021
|
Coupon: | 7% per year, payable semiannually beginning Aug. 10, 2017 if each ETF closes at or above barrier level on observation date for that semiannual period
|
Price: | Par
|
Payout at maturity: | Par plus contingent coupon if each ETF finishes at or above barrier price; otherwise, full exposure to decline of lesser-performing ETF
|
Call: | Beginning Aug. 10, 2017, automatically at par plus contingent coupon if ETFs close at or above initial levels on any semiannual observation date other than final one
|
Initial share prices: | $217.63 for S&P ETF and $121.53 for Russell ETF
|
Barrier prices: | $130.58 for S&P ETF and $72.92 for Russell ETF; 60% of initial share prices
|
Pricing date: | Aug. 10
|
Settlement date: | Aug. 17
|
Agent: | Barclays
|
Fees: | 1.5%
|
Cusip: | 06741V6U1
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.