Published on 5/13/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.28 million phoenix autocallables tied to S&P, Russell ETFs
By Wendy Van Sickle
Columbus, Ohio, May 13 – Barclays Bank plc priced $1.28 million of phoenix autocallable notes due May 13, 2024 linked to the least 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.
Each six months, the notes will pay a contingent 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 before the final date.
The payout at maturity will be par unless any underlying asset falls by more than 35%, in which case investors will be exposed to any losses of the worst performing ETF.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying assets: | SPDR S&P 500 ETF, iShares Russell 2000 ETF
|
| Amount: | $1,276,000
|
| Maturity: | May 13, 2024
|
| Coupon: | 7% annualized, payable each six months that each asset closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any asset finishes below barrier level, in which case 1% loss per 1% decline of the worst performing ETF
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any observation date other than final date
|
| Initial levels: | $292.82 for S&P, $160.71 for Russell
|
| Coupon barriers: | $204.97 for S&P, $112.50 for Russell; 70% of initial levels
|
| Barrier levels: | $190.33 for S&P, $104.46 for Russell; 65% of initial levels
|
| Pricing date: | May 6
|
| Settlement date: | May 13
|
| Agent: | Barclays
|
| Fees: | 2.1%
|
| Cusip: | 06747MTB2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
