Published on 5/16/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 phoenix autocallables tied to index, ETF
By Sarah Lizee
Olympia, Wash., May 16 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due May 17, 2024 linked to the least performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.4% if each underlying asset closes at or above its 60% coupon barrier on the related quarterly observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly observation date prior to maturity after one year.
The payout at maturity will be par unless any underlying asset finishes below its 60% barrier, in which case investors will be fully exposed to any losses of the worst performing index or fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying assets: | S&P 500 index, SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $500,000
|
| Maturity: | May 17, 2024
|
| Coupon: | 10.4% annualized, payable quarterly if each asset closes at or above 70% coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either asset finishes below barrier level, in which case 1% loss per 1% decline of worse performing index or fund
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any call valuation date other than final date after one year
|
| Initial levels: | 2,834.41 for S&P, $29.47 for ETF
|
| Coupon barrier levels: | 1,700.65 for S&P, $17.68 for ETF, 60% of initial levels
|
| Barrier levels: | 1,700.65 for S&P, $17.68 for ETF, 60% of initial levels
|
| Pricing date: | May 14
|
| Settlement date: | May 17
|
| Agent: | Barclays
|
| Fees: | 0.75%
|
| Cusip: | 06747MT97
|
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