Published on 8/16/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $950,000 6.3% phoenix autocalls tied to S&P, Russell ETFs
By Wendy Van Sickle
Columbus, Ohio, Aug. 16 – Barclays Bank plc priced $950,000 of phoenix autocallable notes due Aug. 9, 2023 linked to the lesser performing of the SPDR S&P 500 ETF and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 7% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any observation date.
The payout at maturity will be par unless either ETF finishes below the 65% barrier level, in which case investors will be exposed to any losses of the worse performing ETF.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying ETFs: | SPDR S&P 500, iShares Russell 2000
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| Amount: | $950,000
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| Maturity: | Aug. 9, 2023
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| Coupon: | 7% annualized, payable semiannual if each ETF closes at or above 70% coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF falls by more than 35%, in which case in which case 1% loss per 1% decline of worse performing ETF
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any observation date
|
| Initial levels: | $282.39 for S&P, $166.97 for Russell
|
| Coupon barriers: | $197.67 for S&P, $116.88 for Russell, 70% of initial levels
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| Barriers: | $183.55 for S&P, $108.53 for Russell, 65% of initial levels
|
| Pricing date: | Aug. 2
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| Settlement date: | Aug. 9
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| Agent: | Barclays
|
| Fees: | 1.53%
|
| Cusip: | 06746XLU5
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