Published on 9/12/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million phoenix autocallables tied to three indexes
By Marisa Wong
Morgantown, W.Va., Sept. 12 – Barclays Bank plc priced $2 million of phoenix autocallable notes due Sept. 12, 2019 to the lesser performing of the Nasdaq-100 index, 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 6.7% per year if each index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
Beginning in March 2017, the notes will be automatically 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 one.
The payout at maturity will be par if the least-performing index finishes at or above its barrier level, 60% of the initial level. Otherwise, investors will lose 1% for each 1% decline of the least-performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Russell 2000, S&P 500, Nasdaq-100
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| Amount: | $2 million
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| Maturity: | Sept. 12, 2019
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| Coupon: | 6.7% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any index closes below barrier level, in which case full exposure to losses of the worst performing index
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| Call: | Beginning March 2017, automatically at par plus contingent coupon if any index closes at or above its initial level on any quarterly observation date other than final date
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| Initial levels: | 4,831.86 for Nasdaq-100, 1,261.01 for Russell 2000, 2,186.16 for S&P 500
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| Coupon barrier levels: | 3,140.71 for Nasdaq-100, 819.66 for Russell 2000, 1,421.00 for S&P 500; 65% of initial levels
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| Barrier levels: | 2,899.12 for Nasdaq-100, 756.61 for Russell 2000, 1,311.70 for S&P 500; 60% of initial levels
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| Pricing date: | Sept. 8
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| Settlement date: | Sept. 13
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| Agent: | Barclays
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| Fees: | 1.9%
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| Cusip: | 06741VBA9
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