Published on 3/27/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $9.71 million phoenix autocallables on three ETFs
By Wendy Van Sickle
Columbus, Ohio, March 27 – Barclays Bank plc priced $9.71 million of phoenix autocallable notes due March 26, 2020 linked to the least performing of the Health Care Select Sector SPDR fund, the SPDR S&P Retail ETF and the VanEck Vectors Semiconductor 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 15% if each ETF closes at or above its 75% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if each ETF closes at or above its initial price on any observation date.
The payout at maturity will be par unless any ETF finishes below its 75% barrier price, in which case investors will be fully exposed to any losses of the worst performing ETF.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying funds: | Health Care Select Sector SPDR fund, SPDR S&P Retail ETF, VanEck Vectors Semiconductor exchange-traded fund
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| Amount: | $9,709,000
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| Maturity: | March 26, 2020
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| Coupon: | 15% annualized, payable quarterly if each ETF closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any ETF finishes below barrier, in which case full exposure to losses of least performing ETF
|
| Call: | At par plus contingent coupon if each ETF closes at or above initial price on any observation date
|
| Initial prices: | $79.67 for health care, $42.96 for retail, $104.10for semiconductor
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| Coupon barriers: | $59.75 for biotech, $32.22 for bank, $78.08 for technology, 75% of initial price
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| Barriers: | $59.75 for biotech, $32.22 for bank, $78.08 for technology, 75% of initial price
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| Pricing date: | March 23
|
| Settlement date: | March 28
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| Agent: | Barclays
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| Fees: | 1.75%
|
| Cusip: | 06746X2W2
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