Published on 5/30/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $225,000 phoenix autocallables on bank fund, S&P 500
By Wendy Van Sickle
Columbus, Ohio, May 30 – Barclays Bank plc priced $225,000 of phoenix autocallable notes due May 29, 2020 linked to 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.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each asset closes at or above its coupon barrier, 70% of its initial level, on the observation date 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 observation date other the final.
The payout at maturity will be par unless either asset finishes below its 70% trigger level, in which case investors will be fully exposed to any losses of the worse performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets | SPDR S&P Regional Banking ETF and S&P 500 index
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| Amount: | $225,000
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| Maturity: | May 29, 2020
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| Coupon: | 7% annualized payable quarterly if each asset closes at or above 70% coupon barrier on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless either asset finishes below its 70% trigger, in which case 1% loss for each 1% decline of worse performing asset
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any observation date other final date
|
| Initial levels: | $53.20 for banking fund, 2,415.07 for index
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| Coupon barrier/triggers: | $37.24 for banking fund, 1,690.55 for index; 70% of initial levels
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
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| Fees: | 3.5%
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| Cusip: | 06741VTQ5
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