Published on 3/15/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million phoenix autocallable notes on four ETFs
Chicago, March 16 – Barclays Bank plc priced $1 million of phoenix autocallable notes due March 5, 2025 linked to the least performing of the SPDR S&P 500 ETF, the Invesco QQQ Trust, Series 1, the iShares Russell 2000 ETF and the SPDR Euro Stoxx 50 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at a rate of 8% per year if each ETF closes at or above its coupon barrier price, 65% of its initial price, on the related observation date.
The notes will be called at par if each ETF closes at or above its initial price on any semiannual call determination date beginning in August 2020.
The payout at maturity will be par unless any ETF finishes below its 65% barrier, in which case investors will lose 1% for each 1% decline of the worst performing ETF.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying ETFs: | SPDR S&P 500 ETF, Invesco QQQ Trust, Series 1, iShares Russell 2000 ETF and SPDR Euro Stoxx 50 ETF
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Amount: | $1,000,000
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Maturity: | March 5, 2025
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Coupon: | 8%, payable semiannually if each ETF closes at or above its coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par unless any ETF finishes below its barrier price, in which case investors will lose 1% for each 1% decline of worst performer
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Call: | At par if each ETF closes at or above its initial price on any semiannual call observation date beginning in August 2020
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Initial prices: | $311.50 for SPDR, $216.48 for QQQ, $154.50 for Russell ETF and $37.32 for Stoxx ETF
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Coupon barriers: | $202.48 for SPDR, $140.71 for QQQ, $100.43 for Russell ETF and $24.26 for Stoxx ETF; 65% of initial prices
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Barrier prices: | $202.48 for SPDR, $140.71 for QQQ, $100.43 for Russell ETF and $24.26 for Stoxx ETF; 65% of initial prices
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Pricing date: | Feb. 28
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Settlement date: | March 4
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Agent: | Barclays
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Fees: | 1.1%
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Cusip: | 06747PF79
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