Published on 2/23/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $825,000 6.75% rate phoenix autocalls tied to S&P, Russell funds
By Susanna Moon
Chicago, Feb. 23 – Barclays Bank plc priced $825,000 of phoenix autocallable notes due Feb. 13, 2023 linked to the lesser performing of the SPDR S&P 500 ETF and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 6.75% if each fund closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if each fund closes at or above initial level on any call observation date.
The payout at maturity will be par unless either fund ever closes below its 60% trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing index.
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 500 ETF and iShares Russell 2000 ETF
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| Amount: | $825,000
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| Maturity: | Feb. 13, 2023
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| Coupon: | 6.75% annualized, payable semiannually if each fund closes at or above 70% coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless either fund ever closes below 60% trigger, in which case 1% loss per 1% decline of worse performing index
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| Call: | At par plus contingent coupon if each fund closes at or above initial level on any observation date other than final date
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| Initial levels: | $263.93 for S&P fund, $147.92 for Russell fund
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| Coupon barriers: | $184.75 for S&P fund, $103.54 for Russell fund, 70% of initial levels
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| Trigger levels: | $158.36 for S&P fund, $88.75 for Russell fund, 60% of initial levels
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| Pricing date: | Feb. 5
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| Settlement date: | Feb. 12
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| Agent: | Barclays
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| Fees: | 2.85%
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| Cusip: | 06741WDV9
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