Published on 8/31/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.34 million phoenix autocallables linked to Russell, S&P 500
By Wendy Van Sickle
Columbus, Ohio, Aug. 31 – Barclays Bank plc priced $1.34 million of phoenix autocallable notes due Aug. 29, 2025 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.35% if each index 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 index closes at or above 110% of its initial level on any quarterly observation date after one year other than the final date.
The payout at maturity will be par unless either index finishes below its 60% trigger level, in which case investors will lose 1% for each 1% decline of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $1,335,000
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| Maturity: | Aug. 29, 2025
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| Coupon: | 7.35% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if each index finishes at or above trigger level; otherwise, full exposure to decline of worse performing index
|
| Call: | At par plus contingent coupon if indexes close at or above 110% of initial levels on any quarterly observation date other than final date
|
| Initial levels: | 2,446.30 for S&P and 1,383.68 for Russell
|
| Coupon barriers: | 1,712.41 for S&P and 968.58 for Russell; 70% of initial levels
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| Triggers: | 1,467.78 for S&P and 830.21 for Russell; 60% of initial levels
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| Pricing date: | Aug. 29
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| Settlement date: | Aug. 31
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| Agent: | Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06744CHQ7
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