New Issue: Barclays prices $4.47 million phoenix autocallables tied to index, ETFs

By Toni Weeks

San Luis Obispo, Calif., June 5 – Barclays Bank plc priced $4.47 million of phoenix autocallable notes due June 6, 2019 linked to the lesser performing of the Russell 2000 index, the iShares MSCI EAFE exchange-traded fund and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon at the rate of 8.8% per year if each component closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that month. Otherwise, no coupon will be paid for that month.

The notes will be called at par plus the contingent coupon if each component closes at or above its initial level on any quarterly observation date other than the final date.

If the notes are not called and the final level of the lesser-performing component is greater than or equal to its barrier level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing component finishes below its initial level.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Phoenix autocallable notes
Underlying components:	Russell 2000 index, iShares MSCI EAFE ETF and iShares MSCI Emerging Markets ETF
Amount:	$4,465,000
Maturity:	June 6, 2019
Coupon:	8.8% per year if each component closes at or above its coupon barrier level on observation date for that month; otherwise, no coupon will be paid for that month
Price:	Par
Payout at maturity:	If final level of lesser-performing component is greater than or equal to 60% barrier level, par; otherwise, 1% loss for every 1% that lesser-performing component finishes below its initial level
Call:	At par plus contingent coupon if each component closes at or above its initial level on any quarterly observation date other than final date
Initial levels:	1,264.58 for Russell, $67.14 for EAFE ETF, $40.88 for EM ETF
Coupon barrier levels:	885.21 for Russell, $47.00 for EAFE ETF, $28.62 for EM ETF; 70% of initial levels
Barrier levels:	821.98 for Russell, $43.64 for EAFE ETF, $26.57 for EM ETF; 65% of initial levels
Pricing date:	June 3
Settlement date:	June 8
Underwriter:	Barclays
Fees:	3.75%
Cusip:	06741UXV1

© 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.