Published on 9/25/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $9.26 million phoenix autocallables linked to three ETFs
By Wendy Van Sickle
Columbus, Ohio, Sept. 25 – Barclays Bank plc priced $9.26 million of phoenix autocallable notes due Sept. 26, 2019 linked to the lesser performing of the iShares U.S. Real Estate exchange-traded fund, the VanEck Vectors Semiconductor exchange-traded fund and the SPDR S&P Bank exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 11.65% per year if each ETF closes at or above its coupon barrier price, 75% of its initial share price, on an observation date.
The notes will be automatically called at par if each ETF closes at or above its initial share price on any observation date other than the final one.
If the notes are not called and the final share price of each ETF is greater than its barrier price, 75% of its initial share price, the payout will be par. Otherwise, investors will have one-to-one exposure to the decline of the lesser-performing ETF.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying funds: | iShares U.S. Real Estate exchange-traded fund, VanEck Vectors Semiconductor exchange-traded fund and SPDR S&P Bank exchange-traded fund
|
| Amount: | $9,259,000
|
| Maturity: | Sept. 26, 2019
|
| Coupon: | 11.65% per year, payable quarterly if each fund closes at or above 75% coupon barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if each fund finishes at or above trigger level; otherwise, full exposure to decline of worst performing fund
|
| Call: | At par plus contingent coupon if funds close at or above initial levels on any observation date after one year
|
| Initial levels: | $80.55 for Real Estate, $91.20 for Semiconductor, $43.43 for S&P Bank
|
| Coupon barrier: | $60.41 for Real Estate, $68.40 for Semiconductor, $32.57 for S&P Bank; 75% of initial levels
|
| Barriers: | $60.41 for Real Estate, $68.40 for Semiconductor, $32.57 for S&P Bank; 75% of initial levels
|
| Pricing date: | Sept. 21
|
| Settlement date: | Sept. 26
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
|
|
| Cusip: | 06744C4T5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
