Published on 3/16/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $535,000 of 9.1% phoenix autocalls tied to index, fund
By Susanna Moon
Chicago, March 16 – Barclays Bank plc priced $535,000 of buffered phoenix autocallable notes due March 3, 2023 linked to the lesser performing of the Euro Stoxx 50 index and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.1% if each underlying asset closes at or above its 80% coupon barrier on the observation date for that quarter.
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 after one year.
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 index or fund beyond the buffer.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Buffered phoenix autocallable notes
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Underlying assets: | Euro Stoxx 50 index and iShares MSCI Emerging Markets ETF
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Amount: | $535,000
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Maturity: | March 3, 2023
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Coupon: | 9.1% annualized, payable quarterly if each index closes at or above 80% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon unless either asset falls by more than 20%, in which case 1% loss per 1% decline of worse performing index or 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 the final date beginning with the fourth date
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Call option: | At par on any interest payment date
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Initial levels: | 3,438.96 for Stoxx and $48.02 for fund
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Coupon barriers: | 2,751.17 for Stoxx and $38.42 for fund; 80% of initial levels
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Pricing date: | Feb. 28
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Settlement date: | March 5
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Agent: | Barclays
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Fees: | 0.75%
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Cusip: | 06744CYN5
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