Published on 7/24/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.74 million phoenix autocallable notes on two ETFs
By Wendy Van Sickle
Columbus, Ohio, July 24 – Barclays Bank plc priced $1.74 million of phoenix autocallable notes due July 26, 2024 linked to the lesser performing of the iShares Russell 2000 ETF and the SPDR S&P 500 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at a rate of 7% per year if each ETF closes at or above its coupon barrier price, 70% 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 observation date.
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
|
| Issue: | Phoenix autocallable notes
|
| Underlying ETFs: | iShares Russell 2000 ETF and SPDR S&P 500 ETF
|
| Amount: | $1,735,000
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| Maturity: | July 26, 2024
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| Coupon: | 7% payable semiannually if each ETF closes at or above its coupon barrier on related observation date
|
| Price: | Par of $1,000
|
| 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
|
| Call: | At par if each ETF closes at or above its initial price on any observation date
|
| Initial prices: | $153.82 for Russell, $297.27 for S&P
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| Coupon barriers: | $107.67 for Russell, $208.02 for S&P; 70% of initial prices
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| Barrier prices: | $99.98 for Russell, $193.16 for S&P; 65% of initial prices
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| Pricing date: | July 19
|
| Settlement date: | July 26
|
| Agent: | Barclays
|
| Fees: | 1.46%
|
| Cusip: | 06741WFC9
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