Published on 5/2/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.08 million phoenix autocallables on S&P, Russell, EM ETF
By Sarah Lizee
Olympia, Wash., May 2 – Barclays Bank plc sold $4.08 million of phoenix autocallable notes due May 4, 2021 linked to the least performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 11.15% if each underlying asset closes at or above its 80% coupon barrier on the observation date for that quarter.
After three months, 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 before the final valuation date.
The payout at maturity will be par unless any underlying asset falls by more than 20%, in which case investors will be exposed to any losses of the worst performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying assets: | S&P 500 index, Russell 2000 index, iShares MSCI Emerging Markets ETF
|
| Amount: | $4,081,000
|
| Maturity: | May 4, 2021
|
| Coupon: | 11.15% annualized, payable each quarter that each asset closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any asset finishes below barrier value, in which case 1% loss per 1% decline of the worst performing asset
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any quarterly valuation date other than final date after three months
|
| Initial levels: | 2,943.03 for S&P, 1,598.36 for Russell, $43.97 for ETF
|
| Coupon barriers: | 2,354.42 for S&P, 1,278.69 for Russell, $35.18 for ETF; 80% of initial levels
|
| Barrier values: | 2,354.42 for S&P, 1,278.69 for Russell, $35.18 for ETF; 80% of initial levels
|
| Pricing date: | April 29
|
| Settlement date: | May 6
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06747MPZ3
|
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