Published on 2/28/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.28 million phoenix autocallables tied to S&P, Russell
By Sarah Lizee
Olympia, Wash., Feb. 28 – Barclays Bank plc priced $6.28 million of phoenix autocallable notes due Feb. 27, 2026 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 quarter, the notes will pay a contingent coupon at the rate of 6% per year if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly call observation date starting in February 2020.
If the notes are not called, the payout at maturity will be par plus the final contingent coupon unless either index finishes below its 60% barrier level, in which case investors will lose 1% for every 1% that the lesser-performing index declines.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $6,277,000
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Maturity: | Feb. 27, 2026
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Coupon: | 6% per year payable quarterly if each index closes at or above coupon barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | Par plus final contingent coupon unless either index finishes below its barrier level, in which case 1% loss for every 1% that lesser-performing index finishes below the barrier level
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Call: | Automatically at par if each index closes at or above initial level on any quarterly call observation date starting in February 2020
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Initial levels: | 2,796.11 for S&P, 1,588.81 for Russell
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Coupon barriers: | 1,677.67 for S&P, 953.29 for Russell, 60% of initial levels
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Barrier levels: | 1,677.67 for S&P, 953.29 for Russell, 60% of initial levels
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Pricing date: | Feb. 25
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Settlement date: | Feb. 28
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Agent: | Barclays
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Fees: | 4%
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Cusip: | 06747MCN4
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