Published on 7/30/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.72 million of phoenix autocallable notes on index, ETFs
By Kiku Steinfeld
Chicago, July 30 – Barclays Bank plc priced $2.72 million of phoenix autocallable notes due July 18, 2022 linked to the least-performing of the S&P 500 index, the iShares MSCI Emerging Markets exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 10.2% if each asset closes at or above the coupon barrier level – 60% of the initial price – on the quarterly observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above the initial price on any observation date after six months.
The payout at maturity will be par plus the contingent coupon, if any, unless the least-performing asset finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing asset.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying assets: | S&P 500 index, iShares MSCI Emerging Markets ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $2,720,000
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Maturity: | July 18, 2022
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Coupon: | 10.2%, payable quarterly if each fund closes at or above coupon barrier level on quarterly observation date
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Price: | Par
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Payout at maturity: | Par plus contingent coupon, if any, unless least-performing asset finishes below barrier level, in which case 1% loss for each 1% decline of least-performing fund
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Call: | Automatically at par plus contingent coupon if each fund closes at or above initial price on any quarterly observation date after six months
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Initial levels: | 3,014.30 for S&P, $43.01 for EM, $25.96 for Oil & Gas
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Coupon barrier levels: | 1,808.58 for S&P, $25.81 for EM, $15.58 for Oil & Gas; 60% of initial levels
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Barrier levels: | 1,808.58 for S&P, $25.81 for EM, $15.58 for Oil & Gas; 60% of initial levels
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Pricing date: | July 15
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Settlement date: | July 18
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Agents: | Barclays
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Fees: | 1.75%
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Cusip: | 06747N6A7
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