Published on 9/27/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.17 million of phoenix autocalls tied to Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Sept. 27 – Barclays Bank plc priced $1.17 million of phoenix autocallable notes due Sept. 24, 2026 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6% if each underlying asset closes at or above its 60% coupon barrier on the observation date for that month.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly call valuation date after one year.
The payout at maturity will be par unless either underlying asset finishes below its 60% barrier, in which case investors will be exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying assets: | Russell 2000 index, S&P 500 index
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| Amount: | $1,174,000
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| Maturity: | Sept. 24, 2026
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| Coupon: | 6% annualized, payable monthly if each asset closes at or above 70% coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless either finishes below 60% barrier, in which case 1% loss per 1% decline of the worse performing index
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any quarterly call valuation date after one year
|
| Initial levels: | 1,712.32 for Russell, 2,929.67 for S&P
|
| Coupon barriers: | 1,198.62 for Russell, 2,050.77 for S&P, 70% of initial levels
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| Barriers: | 1,027.39 for Russell, 1,757.80 for S&P, 60% of initial levels
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 28
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| Agent: | Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06746XQT3
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