By William Gullotti
Buffalo, N.Y., June 30 – Barclays Bank plc priced $8.8 million of trigger autocallable contingent yield notes due June 28, 2024 linked to the lesser performing of the SPDR S&P 500 ETF Trust and the Energy Select Sector SPDR 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 6.65% if each ETF closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be redeemed at par plus the coupon if both ETFs close above their initial levels on any quarterly observation date after six months.
The payout at maturity will be par plus the coupon unless either ETF finishes below its 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing ETF from its initial level.
Barclays and UBS Financial Services Inc. are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger autocallable contingent yield notes
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Underlying ETFs: | SPDR S&P 500 ETF Trust, Energy Select Sector SPDR Fund
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Amount: | $8,804,000
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Maturity: | June 28, 2024
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Coupon: | 6.65% annual rate, payable quarterly if each ETF closes at or above coupon barrier on observation date
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Price: | Par of $10
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Call: | At par plus the coupon if both ETFs close above their initial levels on any quarterly observation date after six months
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Payout at maturity: | Par plus the coupon if both ETFs finish above 70% of initial level; otherwise, 1% loss for each 1% decline of the worse performing ETF from initial level
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Initial levels: | $426.61 for S&P 500 ETF, $55.34 for Energy
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Coupon barriers: | $298.63 for S&P 500 ETF, $38.74 for Energy; 70% of initial levels
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Downside thresholds: | $298.63 for S&P 500 ETF, $38.74 for Energy; 70% of initial levels
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Pricing date: | June 25
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Settlement date: | June 30
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Agents: | Barclays and UBS Financial Services Inc.
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Fees: | 2%
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Cusip: | 06747W781
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