Published on 11/14/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.08 million phoenix autocallable notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, Nov. 14 – Barclays Bank plc priced $1.08 million of phoenix autocallable notes due Aug. 3, 2020 linked to the least performing of the Russell 2000 index and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8.25% if each asset closes at or above its 70% coupon barrier on the observation date for that period.
After six months, the notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly observation date prior to maturity.
The payout at maturity will be par unless any asset finishes below its 65% barrier, in which case investors will be fully exposed to the decline of the worst performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Russell 2000 index and SPDR S&P Biotech ETF
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| Amount: | $1.08 million
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| Maturity: | Aug. 3, 2020
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| Coupon: | 8.25%, payable quarterly if each asset closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless least-performing asset finishes below barrier level, in which case 1% loss for each 1% decline of least-performing asset
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| Call: | Automatically at par plus contingent coupon if each asset closes at or above initial level on any observation date after six months
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| Initial levels: | 1,544.98 for Russell, $83.74 for ETF
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| Coupon barriers: | 1,081.49 for Russell, $58.62 for ETF, 70% of initial levels
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| Barriers: | 1,004.24 for Russell, $54.43 for ETF, 65% of initial levels
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| Pricing date: | Nov. 1
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| Settlement date: | Nov. 6
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| Agents: | Barclays
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| Fees: | 2.325%
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| Cusip: | 06746XXF5
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