Published on 8/2/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $710,000 9% buffered phoenix autocalls on gold, biotech funds
By Susanna Moon
Chicago, Aug. 2 – Barclays Bank plc priced $710,000 of buffered phoenix autocallable notes due Jan. 29, 2026 linked to the lesser performing of the SPDR S&P Biotech ETF and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9% if each underlying asset closes at or above its 80% coupon barrier on the observation date for that month.
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 other than the final date beginning with the 12th date.
The payout at maturity will be par unless either underlying asset falls by more than 20%, in which case investors will be exposed to any losses of the worse performing fund beyond the 20% buffer.
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 Biotech ETF and VanEck Vectors Gold Miners ETF
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| Amount: | $710,000
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| Maturity: | Jan. 29, 2026
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| Coupon: | 9% annualized, payable monthly if each asset closes at or above 80% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless either asset falls by more than 20%, in which case in which case 1% loss per 1% decline of worse performing fund beyond 20%
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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 with 12th date
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| Initial levels: | $21.39 for gold fund, $97.64 for biotech fund
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| Trigger levels: | $17.11 for gold fund, $78.11 for biotech fund, 80% of initial levels
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| Pricing date: | July 26
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| Settlement date: | July 31
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| Agent: | Barclays
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| Fees: | 4%
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| Cusip: | 06746XJV6
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