Published on 3/15/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.82 million phoenix autocallables linked to S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, March 15 – Barclays Bank plc priced $1.82 million of phoenix autocallable notes due March 13, 2025 linked to the lesser performing of the Dow Jones Industrial Average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 5.5% if each index closes at or above the coupon barrier – 75% of the initial level – on the observation date for that month.
The notes will be called at par plus the contingent coupon if each index closes at or above the initial price on any quarterly observation date after one year.
The payout at maturity will be par plus the contingent coupon, if any, unless either index finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline 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: | Dow Jones Industrial Average and S&P 500
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Amount: | $1,816,000
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Maturity: | March 13, 2025
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Coupon: | 5.5%, payable monthly if each index closes at or above 75% coupon barrier on observation date for that month
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Price: | Par
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Payout at maturity: | Par plus contingent coupon unless either index finishes below barrier level, in which case 1% loss for each 1% final decline, if any, of worse performing index
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Call: | At par plus contingent coupon if each index closes at or above initial price on observation date in August 2017 or November 2017
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Initial levels: | 2,363.64 for S&P, 20,902.98 for Dow
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Coupon barrier levels: | 1,779.45 for S&P, 15,677.24 for Dow, 75% of initial levels
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Barrier levels: | 1,423.56 for S&P, 12,541.79 for Dow, 60% of initial levels
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Pricing date: | March 10
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Settlement date: | March 17
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Agent: | Barclays
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Fees: | 3.5%
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Cusip: | 06741VN81
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