Published on 4/13/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $541,000 of phoenix autocallables on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, April 13 – Barclays Bank plc priced $541,000 of phoenix autocallable notes due July 5, 2018 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 8% per year if each index closes at or above its coupon barrier level, 75% 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 the second, third or fourth quarterly observation date.
The payout at maturity will be par plus the final contingent coupon unless either index has closed below its barrier level of 75% any day during the life of the notes and either index finishes below its initial level, in which case investors will be fully exposed to the loss of the lesser-performing.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $541,000
|
| Maturity: | March 28, 2024
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 8% 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 unless either index finishes below initial level and either closes below barrier level any day during life of notes, 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 second, third or fourth quarterly observation date
|
| Initial index levels: | 1,385.92 for Russell 2000 and 2,362.72 for S&P 500
|
| Coupon barrier/barrier levels: | 1,039.44 for Russell 2000 and 1,772.04 for S&P 500; 75% of initial levels
|
| Pricing date: | March 31
|
| Settlement date: | April 5
|
| Agent: | Barclays
|
| Fees: | 0.25%
|
| Cusip: | 06741VMR0
|
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