Published on 5/4/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $12.25 million phoenix autocallables on three funds
By Wendy Van Sickle
Columbus, Ohio, May 4 – Barclays Bank plc priced $12.25 million of phoenix autocallable notes due May 2, 2019 linked to the lesser performing of the iShares U.S. Real Estate ETF, the VanEck Vectors Semiconductor ETF and the SPDR S&P Bank ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at a rate of 10.55% per year if each fund closes at or above its barrier level, 75% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each fund closes at or above its initial level on any quarterly observation date.
If each fund finishes at or above its barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline 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: | iShares U.S. Real Estate ETF, VanEck Vectors Semiconductor ETF and SPDR S&P Bandk ETF
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| Amount: | $12,252,000
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| Maturity: | May 2, 2019
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 10.55% per year if each fund closes at or above barrier level on observation date for that quarter; otherwise, no coupon paid that quarter
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| Price: | Par
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| Payout at maturity: | Par plus final contingent coupon, if any, unless any fund finishes below its barrier level, in which case 1% loss for every 1% that lesser-performing index finishes below initial level
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| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial level on any coupon observation date
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| Initial index levels: | $78.93 for Real Estate, $79.70 for Semiconductor and $42.62 for Bank
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| Barrier levels: | $59.20 for Real Estate, $59.78 for Semiconductor and $31.97 for Bank; 75% of initial levels
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| Pricing date: | April 28
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| Settlement date: | May 3
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741VT44
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