Published on 7/24/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $593,000 phoenix autocallables linked to three funds
By Marisa Wong
Morgantown, W.Va., July 24 – Barclays Bank plc priced $593,000 of phoenix autocallable notes due April 23, 2021 linked to the least performing of the SPDR S&P MidCap 400 ETF trust, the Technology Select Sector SPDR fund and the SPDR S&P Biotech 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 9.75% if each fund closes at or above its coupon barrier, 70% of its initial price, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each fund closes at or above its initial price any quarterly observation date other than the final date.
The payout at maturity will be par unless any fund finishes below its 70% barrier price, in which case investors will lose 1% for each 1% decline of the worst performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying funds: | SPDR S&P MidCap 400 ETF trust, Technology Select Sector SPDR fund and SPDR S&P Biotech ETF
|
| Amount: | $593,000
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| Maturity: | April 23, 2021
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| Coupon: | 9.75% per year, payable quarterly if each fund closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon, if any, if each fund finishes at or above barrier price; otherwise, full exposure to decline of least performing fund
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial price on any quarterly observation date other than final one
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| Initial prices: | $323.80 for MidCap, $57.54 for Technology, $80.14 for Biotech
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| Coupon barriers: | $226.66 for MidCap, $40.28 for Technology, $56.10 for Biotech; 70% of initial prices
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| Barrier prices: | $226.66 for MidCap, $40.28 for Technology, $56.10 for Biotech; 70% of initial prices
|
| Pricing date: | July 20
|
| Settlement date: | July 25
|
| Agent: | Barclays
|
| Fees: | 3%
|
| Cusip: | 06744CCQ2
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