Published on 4/10/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million phoenix autocallables on Stoxx, biotech ETF
By Marisa Wong
Morgantown, W.Va., April 10 – Barclays Bank plc priced $1 million of phoenix autocallable notes due March 31, 2022 linked to the lesser performing of the Euro Stoxx 50 index and the iShares Nasdaq Biotechnology exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at the rate of 20% per year for a semiannual period if each underlying closes at or above its coupon barrier level, 85% of its initial level, on the observation date for that period. Otherwise, no coupon will be paid for that period.
The notes will be automatically called at par plus the contingent coupon if each underlying closes at or above its initial level on any semiannual observation date other than the final one.
If each underlying finishes at or above the 77% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing underlying from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying assets: | Euro Stoxx 50 index and the iShares Nasdaq Biotechnology ETF
|
| Amount: | $1 million
|
| Maturity: | March 31, 2022
|
| Coupon: | 20% per year, payable each semiannual period that each underlying closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon, if any, unless either underlying finishes below barrier level, in which case 1% loss for each 1% decline of worse performer
|
| Call: | At par plus contingent coupon if each underlying closes at or above initial level on any semiannual observation date other than final one
|
| Initial levels: | 3,465.07 for index, $292.01 for ETF
|
| Coupon barrier levels: | 2,945.31 for index, $248.21 for ETF; 85% of initial levels
|
| Barrier levels: | 2,668.10 for index, $224.85 for ETF; 77% of initial levels
|
| Pricing date: | March 28
|
| Settlement date: | March 31
|
| Agent: | Barclays
|
| Fees: | None
|
| Cusip: | 06741VPV8
|
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