Published on 6/20/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million phoenix autocallables tied to Euro Stoxx
By Wendy Van Sickle
Columbus, Ohio, June 20 – Barclays Bank plc priced $1 million of phoenix autocallable notes due June 16, 2023 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every six months, the notes will pay a contingent coupon at the rate of 9.15% per year if the index closes at or above its barrier level, 75% of its initial level, on the observation date for that period. Otherwise, no coupon will be paid for that period.
The notes will be called at par plus the contingent coupon if the index closes at or above its initial level on any semiannual observation date other than the final one.
If the notes are not called, the payout at maturity will be par plus the final contingent coupon, if any, unless the index finishes below its barrier level of 75% of the initial level, in which case investors will lose 1% for every 1% that the index finishes below its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying index: | Euro Stoxx 50
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| Amount: | $1 million
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| Maturity: | June 16, 2023
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| Coupon: | Every six months, notes pay contingent coupon at rate of 9.15% per year if index closes at or above barrier level on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus final contingent coupon, if any, if index finishes above barrier level, otherwise, 1% loss for every 1% that index finishes below initial level
|
| Call: | Automatically at par plus contingent coupon if index closes at or above initial level on any semiannual observation date other than final one
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| Initial index level: | 3,479.56
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| Coupon barrier level: | 2,609.67; 75% of initial level
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| Barrier level: | 2,609.67; 75% of initial level
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| Pricing date: | June 13
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| Settlement date: | June 18
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| Agent: | Barclays
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| Fees: | None
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| Cusip: | 06746XFB4
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