Published on 11/14/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.13 million trigger autocallable contingent yield notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, Nov. 14 – Barclays Bank plc priced $6.13 million of trigger autocallable contingent yield notes due Nov. 16, 2020 linked to the iShares MSCI Emerging Markets ETF and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.45% if each ETF closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each ETF closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the contingent coupon, if any, unless either ETF finishes below the 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.
UBS Financial Services Inc. and Barclays are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | iShares MSCI Emerging Markets ETF and SPDR S&P 500 ETF trust
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Amount: | $6,128,130
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Maturity: | Nov. 16, 2020
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Coupon: | 7.45%, 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 contingent coupon if each ETF closes at or above initial level on any quarterly observation date beginning on May 10, 2018
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Payout at maturity: | Par plus any coupon unless either ETF closes below downside threshold level, in which case will lose 1% for each 1% decline of the worse performing ETF from initial level
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Initial levels: | $46.29 for Emerging Markets, $258.09 for S&P 500
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Coupon barriers: | $32.40 for Emerging Markets, $180.66 for S&P 500, 70% of initial levels
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Downside thresholds: | $32.40 for Emerging Markets, $180.66 for S&P 500, 70% of initial levels
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Pricing date: | Nov. 10
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Settlement date: | Nov. 15
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Agents: | UBS Financial Services Inc. and Barclays
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Fees: | 2%
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Cusip: | 06746N840
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