Published on 6/13/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.5 million phoenix autocallables tied to indexes, fund
By Susanna Moon
Chicago, June 13 – Barclays Bank plc priced $1.5 million of phoenix autocallable notes due June 1, 2021 linked to the Russell 2000 index, the S&P 500 index and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.8% if each underlying component closes at or above its coupon barrier, 70% of its initial level, on the observation date for that month.
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.
The payout at maturity will be par unless any component finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing component.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Russell 2000 index, S&P 500 index and iShares MSCI Emerging Markets ETF
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| Amount: | $1.5 million
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| Maturity: | June 1, 2021
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| Coupon: | 8.8% annualized payable monthly if each component closes at or above 70% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any component finishes below its 60% trigger, in which case 1% loss for each 1% decline of worse performing component
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| Call: | At par plus contingent coupon if each component closes at or above initial level on any quarterly observation date
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| Initial levels: | 1,382.24 for Russell, 2,415.82 for S&P, $41.74 for fund
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| Coupon barriers: | 967.57 for Russell, 1,691.07 for S&P, $29.22 for fund; 70% of initial levels
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| Trigger levels: | 829.34 for Russell, 1,449.49 for S&P, $25.04 for fund; 60% of initial levels
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| Pricing date: | May 31
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| Settlement date: | June 2
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| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
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| Fees: | 0.8%
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| Cusip: | 06741VXN7
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