Published on 2/6/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.94 million phoenix autocallables tied to three funds
By Susanna Moon
Chicago, Feb. 6 – Barclays Bank plc priced $4.94 million of phoenix autocallable notes due Jan. 31, 2019 linked to the least performing of the iShares Nasdaq Biotechnology exchange-traded fund, the Financial Select Sector SPDR fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 12.65% if each fund closes at or above the barrier level – 75% of the initial price – on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each fund closes at or above the initial price on any observation date other than the final date.
The payout at maturity will be par plus the contingent coupon unless any fund finishes below its 75% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlyings: | iShares Nasdaq Biotechnology ETF, the Financial Select Sector SPDR fund and the Technology Select Sector SPDR fund
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| Amount: | $4,939,000
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| Maturity: | Jan. 31, 2019
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| Coupon: | 12.65%, payable quarterly if each fund closes at or above barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless least-performing fund finishes below 75% barrier level, in which case 1% loss for each 1% decline
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| Call: | At par plus contingent coupon if each fund closes at or above initial price on any observation date other than the final date
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| Initial levels: | $274.08 for iShares Nasdaq Biotechnology, $23.65 for Financial Select Sector and $50.74 for Technology Select Sector
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| Barrier levels: | $205.56 for iShares Nasdaq Biotechnology, $17.74 for Financial Select Sector and $38.06 for Technology Select Sector; 75% of initial levels
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| Pricing date: | Jan. 27
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| Settlement date: | Feb. 1
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741VHX3
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