Published on 3/11/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.19 million phoenix autocallables tied to Russell, S&P
Chicago, March 11 – Barclays Bank plc priced $3.19 million of phoenix autocallable notes due Feb. 28, 2020 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.
Each month, the notes will pay a contingent coupon at the rate of 9% per year if each index closes at or above its coupon barrier level, 70% 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 monthly observation date starting in May.
If the notes are not called, the payout at maturity will be par plus any final contingent coupon unless either index finishes below its initial value and either index has finished below its 70% barrier level during the life of the notes, in which case investors will lose 1% for every 1% that the lesser-performing index declines.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Russell 2000 and S&P 500
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| Amount: | $3,192,000
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| Maturity: | Feb. 28, 2020
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| Coupon: | 9% per year payable monthly if each index closes at or above coupon barrier level on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus any final contingent coupon unless either index finishes below its initial level and either index finishes below its barrier level during the life of the notes, in which case 1% loss for every 1% that lesser-performing index finishes below its initial level
|
| Call: | Automatically at par if each index closes at or above initial level on any monthly call observation date starting in May
|
| Initial levels: | 1,575.55 for Russell, 2,784.49 for S&P 500
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| Coupon barriers: | 1,102.89 for Russell, 1,949.14for S&P 500, 70% of initial levels
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| Barrier levels: | 1,102.89 for Russell, 1,949.14for S&P 500, 70% of initial levels
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| Pricing date: | Feb. 28
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| Settlement date: | March 5
|
| Agent: | Barclays
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| Fees: | 0.675%
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| Cusip: | 06747MCW4
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