New Issue: Barclays prices $2.27 million of phoenix autocallables on S&P, Russell

By Devika Patel

Knoxville, Tenn., April 2 – Barclays Bank plc priced $2,266,000 of phoenix autocallable notes due Feb. 28, 2019 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon at the rate of 6.45% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on each trading day of that month. Otherwise, no coupon will be paid for that month.

Beginning on Aug. 23, 2018, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any monthly observation date.

If the notes are not called, the payout at maturity will be par plus the final contingent coupon, if any, unless either index finishes below its initial level and closes below its barrier level of 70% during the life of the notes, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Phoenix autocallable notes
Underlying indexes:	S&P 500 and Russell 2000
Amount:	$2,266,000
Maturity:	Feb. 28, 2019
Coupon:	Each month, notes pay contingent coupon at rate of 6.45% per year if each index closes at or above coupon barrier level on each trading day of that month; otherwise, no coupon paid that month
Price:	Par
Payout at maturity:	Par plus final contingent coupon, if any, unless either index finishes below initial level and closes below barrier level during the life of the notes, in which case 1% loss for every 1% that lesser-performing index finishes below initial level
Call:	Automatically at par plus contingent coupon if each index closes at or above initial level on any monthly observation date beginning Aug. 23, 2018
Initial index levels:	2,747.30 for S&P and 1,549.19 for Russell
Coupon barrier/barrier levels:	1,923.11 for S&P and 1,084.43 for Russell; 70% of initial levels
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agent:	Barclays
Fees:	1.85%
Cusip:	06744CWN7

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