Published on 2/24/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.98 million trigger autocallable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 24 – Barclays Bank plc sold $1.98 million of trigger autocallable contingent yield notes due Feb. 26, 2027 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6% if each index closes at or above its barrier level, 50% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning Feb. 21, 2018.
The payout at maturity will be par plus the contingent coupon, unless either index finishes below the 50% barrier level, in which case investors will lose 1% for each 1% decline of the worse performing index.
UBS Financial Services Inc. and Barclays are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | S&P 500 and the Russell 2000
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| Amount: | $1,975,000
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| Maturity: | Feb. 26, 2027
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| Coupon: | 6%, payable quarterly if each index closes at or above barrier level on observation date
|
| Price: | Par of $10
|
| Call: | Beginning Feb. 21, 2018, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date
|
| Payout at maturity: | Par unless either index finishes below barrier level, in which case 1% loss for each 1% decline of the worse performing index
|
| Initial levels: | 2,365.38 for S&P, 1,410.344 for Russell
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| Barrier levels: | 1,182.69 for S&P, 705.172 for Russell, 50% of initial levels
|
| Pricing date: | Feb. 21
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| Settlement date: | Feb. 24
|
| Agents: | UBS Financial Services Inc. and Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06745T780
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