Published on 3/29/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $435,000 autocallable notes tied to two ETFs
By Wendy Van Sickle
Columbus, Ohio, March 29 – Barclays Bank plc priced $435,000 of 0% autocallable notes due Sept. 26, 2019 linked to the lesser performing of the Financial Select Sector SPDR Fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized call premium of 22% if each underlying closes at or above its initial level on any quarterly call valuation date.
If the notes are not called and the final level of the least-performing underlying is at least 70% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the least-performing underlying from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Autocallable notes
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Underlying ETFs: Financial Select Sector SPDR Fund and SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $435,000
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Maturity: | Sept. 26, 2019
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the notes are not called and the final level of the least-performing underlying is at least 70% of its initial level, par; otherwise, 1% loss for each 1% decline of the least-performing underlying from its initial level
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Call: | At par plus an annualized call premium of 22% if each underlying closes at or above its initial level on any quarterly call valuation date
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Initial levels: | $26.82 for financial fund, $34.70 for oil ETF
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Barrier levels: | $18.77 for financial fund, $24.29 for oil ETF, 70% of initial levels
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Pricing date: | March 23
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Settlement date: | March 29
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Agent: | Barclays
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Fees: | 0.5%
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Cusip: | 06744CY54
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