Published on 6/3/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $396,000 phoenix autocallable notes on indexes
By Sarah Lizee
Olympia, Wash., June 3 – Barclays Bank plc sold $396,000 of phoenix autocallable notes due Nov. 30, 2020 linked to the least performing of the Dow Jones industrial average, 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 an annual rate of 6% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that month.
After six months, the notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any monthly call valuation date before the final valuation date.
If the final value of the least performing asset is greater than or equal to its initial value, or less than its initial value but it has never closed below 70% of its initial level on any day during the life of the notes, the payout at maturity will be par.
If the final value of the least performing asset is less than its initial value and it has ever closed below 70% of its initial level on any day during the life of the notes, the payout will be par plus the return of the least performing asset with full exposure to the loss.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying assets: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
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Amount: | $396,000
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Maturity: | Nov. 30, 2020
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Coupon: | 6% annualized, payable each month that each asset closes at or above coupon barrier on observation date for that month
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Price: | Par
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Payout at maturity: | Par if the final value of the least performing asset is greater than or equal to its initial value, or less than its initial value but it has never closed below 70% of its initial level on any day during the life of the notes; otherwise, par plus return of least performing index with exposure to decline
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Call: | At par plus contingent coupon if each asset closes at or above initial level on any monthly valuation date other than final date after six months
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Initial levels: | 2,802.39 for S&P, 1,504.02 for Russell, 25,347.77 for Dow
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Coupon barriers: | 1,961.67 for S&P, 1,052.81 for Russell, 17,743.44 for Dow; 70% of initial levels
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Barrier values: | 1,961.67 for S&P, 1,052.81 for Russell, 17,743.44 for Dow; 70% of initial levels
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Pricing date: | May 28
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Settlement date: | May 31
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Agent: | Barclays
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Fees: | 2.175%
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Cusip: | 06747MQ90
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