Published on 6/4/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.46 million phoenix autocalls tied to S&P 500, Russell
By Wendy Van Sickle
Columbus, Ohio, June 4 – Barclays Bank plc priced $1.46 million of phoenix autocallable notes due May 30, 2028 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6% if each underlying asset closes at or above its 65% coupon barrier on the observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above 105% of its initial level on any call valuation date after six months.
The payout at maturity will be par unless either underlying asset finishes below its 60% trigger level, in which case investors will be exposed to any losses of the worse performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $1,455,000
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Maturity: | May 30, 2028
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Coupon: | 6% annualized, payable monthly if each asset closes at or above 65% coupon barrier on observation date
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Price: | Par
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Payout at maturity: | Par unless either asset finishes below 60% trigger, in which case 1% loss per 1% decline of the worse performing index
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Call: | At par plus contingent coupon if each asset closes at or above 105% of initial level on any call valuation date beginning on the sixth date
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Initial levels: | 2,727.76 for S&P, 1,628.222 for Russell
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Coupon barriers: | 1,773.04 for S&P, 1,058.34 for Russell, 65% of initial levels
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Triggers: | 1,636.66 for S&P, 976.93 for Russell, 60% of initial levels
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Pricing date: | May 24
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Settlement date: | May 30
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Agent: | Barclays
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Fees: | 3.15%
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Cusip: | 06746XC68
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