Published on 11/15/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million phoenix autocallables linked to Russell 2000
By Devika Patel
Knoxville, Tenn., Nov. 15 – Barclays Bank plc priced $1 million of phoenix autocallable notes due Nov. 16, 2021 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every quarter, the notes will pay a contingent coupon at the rate of 7.75% per year if the index closes at or above its coupon barrier level, 85% 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 the index closes at or above its initial level on any quarterly observation date other than the final one, beginning in May 2017.
If the notes are not called, the payout at maturity will be par plus the final contingent coupon, if any, unless the index finishes below its barrier level of 70% of the initial level, in which case investors will lose 1% for every 1% that the index finishes below its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Russell 2000
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| Amount: | $1 million
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| Maturity: | Nov. 16, 2021
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| Coupon: | 7.75% per year, payable quarterly if index closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus final contingent coupon, if any, if index finishes above barrier level, otherwise, 1% loss for every 1% that index finishes below initial level
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| Call: | Automatically at par plus contingent coupon if index closes at or above initial level on any semiannual observation date other than final one after May 2017
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| Initial index level: | 1,251.61
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| Coupon barrier level: | 1,063.87, 85% of initial level
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| Barrier level: | 876.13; 70% of initial level
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| Pricing date: | Nov. 10
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| Settlement date: | Nov. 16
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| Agent: | Barclays
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| Fees: | None
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| Cusip: | 06741VEB4
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