Published on 7/2/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.9 million annual autocallable notes tied to S&P, oil & gas ETF
By Wendy Van Sickle
Columbus, Ohio, July 2 – Barclays Bank plc priced $1.9 million of 0% annual autocallable notes due June 27, 2022 linked to the lesser performing index of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, 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 10.5% if each underlying closes at or above its initial level on any annual call valuation date.
If the notes are not called and the final level of the lesser-performing underlying is at least 70% of its initial level, the payout at maturity will be par plus the digital percentage of 42%. Otherwise, investors will lose 1% for each 1% decline of the lesser-performing underlying from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Annual autocallable notes
|
| Underlying assets: | S&P 500 index, SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,902,000
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| Maturity: | June 27, 2022
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the final level of the lesser-performing underlying is at least 70% of its initial level, par plus 42%; otherwise, 1% loss for each 1% decline of the lesser-performing underlying from its initial level
|
| Call: | At par plus an annualized call premium of 10.5% if each underlying closes at or above its initial level on any annual call valuation date
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| Initial levels: | 2,761.15 for index and $42.55 for ETF
|
| Barrier levels: | 1,932.81 for index and $29.79 for ETF, 70% of initial levels
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| Pricing date: | June 22
|
| Settlement date: | June 29
|
| Agent: | Barclays
|
| Fees: | 2.9%
|
| Cusip: | 06746XD83
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