Published on 10/3/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.04 million of phoenix autocallables tied to Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Oct. 3 – Barclays Bank plc priced $3.04 million of phoenix autocallable notes due Sept. 29, 2020 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 6.1% per year if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid 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 after one year.
If the notes are not called, the payout at maturity will be par plus the final contingent coupon, if any, unless either index finishes below its barrier level of 60%, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $3,035,000
|
| Maturity: | Sept. 29, 2020
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 6.1% per year if each index closes at or above barrier level on observation date for that quarter; otherwise, no coupon paid that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final contingent coupon, if any, unless either index finishes below its barrier level, in which case 1% loss for every 1% that lesser-performing index finishes below initial level
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date after one year
|
| Initial index levels: | 1,246.38 for Russell 2000 and 2,159.93 for S&P 500
|
| Coupon barrier/barrier levels: | 84.837 for Russell 2000 and 1,295.96 for S&P 500; 60% of initial levels
|
| Pricing date: | Sept. 27
|
| Settlement date: | Sept. 30
|
| Agent: | Barclays
|
| Fees: | 3.15%
|
| Cusip: | 06741VAQ5
|
|
|
© 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.
