Published on 7/19/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.54 million 8.5% phoenix autocalls tied to bank, energy funds
By Susanna Moon
Chicago, July 19 – Barclays Bank plc priced $4.54 million of phoenix autocallable notes due July 16, 2020 linked to the least performing of the SPDR S&P Bank ETF and the Energy Select Sector SPDR 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 8.5% if each underlying asset 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 asset closes at or above its initial level on any call valuation date.
The payout at maturity will be par unless either underlying asset finishes below its 75% trigger level, in which case investors will be exposed to any losses of the worse performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | SPDR S&P Bank ETF and Energy Select Sector SPDR SPDR
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| Amount: | $4,541,000
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| Maturity: | July 16, 2020
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| Coupon: | 8.5% annualized, payable quarterly if each asset 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 unless either asset finishes below 75% trigger, in which case 1% loss per 1% decline of worse performing fund
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| Call: | At par plus contingent coupon if each asset closes at or above initial level on any call valuation date other than final date beginning on second date
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| Initial levels: | $47.23 for bank fund, $76.26 for energy fund
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| Trigger levels: | $35.42 for bank fund, $57.20 for energy fund, 75% of initial levels
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| Pricing date: | July 13
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| Settlement date: | July 18
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| Agent: | Barclays
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| Fees: | 2.35%
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| Cusip: | 06746XJH7
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