Published on 4/20/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $666,000 of phoenix autocallables on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, April 20 – Barclays Bank plc priced $666,000 of phoenix autocallable notes due Jan. 18, 2019 linked to the least performing of the Russell 2000 index, the S&P 500 index and the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 9.15% per year if each asset closes at or above its coupon barrier level, 70% 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 asset closes at or above its initial level on any quarterly observation date prior to the final one.
The payout at maturity will be par plus the final contingent coupon unless any asset has closed below its barrier level of 70% any day during the life of the notes and any asset finishes below its initial level, in which case investors will be fully exposed to the loss of the least performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Russell 2000, S&P 500 and SPDR S&P Regional Banking exchange-traded fund
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| Amount: | $666,000
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| Maturity: | Jan. 18, 2019
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 9.15% per year if each asset closes at or above barrier level on observation date for that quarter; otherwise, no coupon paid that quarter
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| Price: | Par
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| Payout at maturity: | Par plus final contingent coupon unless any asset finishes below initial level and any asset closes below barrier level any day during life of notes, in which case 1% loss for every 1% that least-performing asset finishes below initial level
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| Call: | Automatically at par plus contingent coupon if each asset closes at or above initial level on a quarterly observation date prior to the final one
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| Initial levels: | 1,361.18 for Russell 2000, 2,349.01 for S&P 500, $52.62 for ETF
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| Coupon barrier/barrier levels: | 952.83 for Russell 2000, 1,644.31 for S&P 500, $36.83 for ETF; 70% of initial levels
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| Pricing date: | April 17
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| Settlement date: | April 20
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| Agent: | Barclays
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| Fees: | 2.825%
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| Cusip: | 06741VRX2
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