Published on 7/14/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million trigger phoenix autocallables on Stoxx Europe, Russell
By Marisa Wong
Madison, Wis., July 14 – Barclays Bank plc priced $1 million of trigger phoenix autocallable optimization securities due July 16, 2020 linked to the least performing of the Stoxx Europe 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if each index closes at or above its coupon barrier, 65% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date beginning after one year.
If the notes are not called and each index finishes at or above its 65% trigger level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses of the worst-performing index.
UBS Financial Services Inc. and Barclays are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying indexes: | Stoxx Europe 50 and Russell 2000
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| Amount: | $1,001,000
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| Maturity: | July 16, 2020
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| Coupon: | 8% annualized for each quarter that each index closes at or above coupon barrier level on quarterly observation date
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above trigger level, par plus coupon; otherwise, full exposure to losses of worst-performing index
|
| Call: | At par if each index closes at or above initial level on any quarterly observation date beginning July 11, 2016
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| Initial levels: | 3,365.39 for Stoxx Europe, 1,252.021 for Russell
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| Barrier/trigger levels: | 2,187.50 for Stoxx Europe, 813.814 for Russell, 65% of initial levels
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| Pricing date: | July 10
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| Settlement date: | July 15
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| Agents: | UBS Financial Services Inc. and Barclays
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| Fees: | 2.5%
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| Cusip: | 06743Q507
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