Published on 4/2/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.25 million buffered phoenix autocallables linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., April 2 – Barclays Bank plc priced $1.25 million of buffered phoenix autocallable notes due Sept. 30, 2026 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 6.15% per year if each index closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that month. Otherwise, no coupon will be paid for that month.
Beginning in March 2020, the notes will be called at par plus the contingent coupon if the indexes close at or above their initial index levels on any observation date other than the final one.
The payout at maturity will be par unless the lesser-performing index declines by more than 20%, in which case investors will lose 1% for every 1% that the lesser-performing index declines beyond 20%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered phoenix autocallable notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $1,251,000
|
| Maturity: | Sept. 30, 2026
|
| Coupon: | 6.15% per year, payable monthly if each index closes at or above coupon barrier level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless lesser-performing index declines by more than 20%, in which case 1% loss for every 1% that lesser-performing index declines beyond 20%
|
| Call: | Beginning in March 2020, automatically at par plus contingent coupon if indexes close at or above initial levels on any monthly observation date other than final one
|
| Initial levels: | 2,818.46 for S&P 500 and 1,528.17 for Russell 2000
|
| Coupon barriers: | 2,254.77 for S&P 500 and 1,222.54 for Russell 2000, or 80% of initial levels
|
| Pricing date: | March 26
|
| Settlement date: | March 29
|
| Agent: | Barclays
|
| Fees: | 3.75%
|
| Cusip: | 06747MK21
|
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