Published on 3/20/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.67 million of phoenix autocallable notes on three funds
By Wendy Van Sickle
Columbus, Ohio, March 20 – Barclays Bank plc priced $7.67 million of phoenix autocallable notes due March 21, 2019 linked to the least-performing of the SPDR Dow Jones industrial average exchange-traded fund, the iShares MSCI Japan exchange-traded fund and the iShares Core S&P Small-Cap exchange-traded 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 8.8% if each fund closes at or above the barrier level – 75% of the initial price – on a quarterly observation date.
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.
The payout at maturity will be par plus the contingent coupon unless the least-performing fund finishes below the 75% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying ETFs: | SPDR Dow Jones industrial average ETF, iShares MSCI Japan ETF and iShares Core S&P Small-Cap ETF
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| Amount: | $7.67 million
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| Maturity: | March 21, 2019
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| Coupon: | 8.8%, payable quarterly if each fund closes at or above barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless least-performing fund finishes below barrier level, in which case 1% loss for each 1% decline of least-performing fund
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| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial price on any observation date
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| Initial levels: | $208.86 for Dow Jones, $51.83 for Japan, $69.79 for Small-Cap
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| Barrier levels: | $156.65 for Dow Jones, $38.87 for Japan, $52.34 for Small-Cap; 75% of initial levels
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| Pricing date: | March 17
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| Settlement date: | March 22
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| Agents: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741VP30
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