Published on 3/14/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.24 million 7.1% phoenix autocalls tied to two indexes
By Susanna Moon
Chicago, March 14 – Barclays Bank plc priced $1.24 million of phoenix autocallable notes due Feb. 28, 2023 linked to the least performing of the Russell 2000 index and the S&P 500 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 7.1% if each underlying index closes at or above its 70% coupon barrier 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 its initial level on any call valuation date.
The payout at maturity will be par unless either underlying index finishes below its 50% trigger level, 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 indexes: | S&P 500 and Russell 2000
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| Amount: | $1.24 million
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| Maturity: | Feb. 28, 2023
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| Coupon: | 7.1% annualized, payable quarterly if each index closes at or above 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless either index finishes below 50% 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 index closes at or above initial level on any call valuation date
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| Call option: | At par on any interest payment date
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| Initial levels: | 2,747.30 for S&P and 1,549.186 for Russell
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| Coupon barriers: | 1,923.11 for S&P and 1,084.43 for Russell; 70% of initial levels
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| Trigger levels: | 1,373.65 for S&P and 774.60 for Russell; 50% of initial levels
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 28
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06744CXC0
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