Published on 5/24/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $8.21 million 14.35% phoenix autocalls tied to three funds
By Wendy Van Sickle
Columbus, Ohio, May 24 – Barclays Bank plc priced $8.21 million of phoenix autocallable notes due May 27, 2020 linked to the lesser performing of the Technology Select Sector SPDR fund, the SPDR S&P Bank exchange-traded fund and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 14.35% if each underlying fund closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each fund closes at or above its initial price on any observation date other than the final date.
The payout at maturity will be par unless any underlying fund finishes below its 75% barrier price, in which case investors will be exposed to any losses of the least-performing fund.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying funds: | Technology Select Sector SPDR fund, SPDR S&P Bank exchange-traded fund and SPDR S&P Biotech exchange-traded fund
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Amount: | $8,208,000
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Maturity: | May 27, 2020
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Coupon: | 14.35% annualized, payable quarterly if each fund closes at or above 75% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon unless any fund finishes below 75% barrier, in which case 1% loss per 1% decline of least-performing fund
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Call: | At par plus contingent coupon if each fund closes at or above initial price on any observation date other than final date
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Initial prices: | $69.37 for technology, $50.49 for bank, $92.21 for biotech
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Barrier prices: | $52.03 for technology, $37.87 for bank, $69.16 for biotech, 75% of initial prices
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Pricing date: | May 22
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Settlement date: | May 25
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Agent: | Barclays
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Fees: | 1.75%
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Cusip: | 06746XCG6
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