Published on 9/13/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.45 million buffered autocallables linked to gold, silver ETFs
By Angela McDaniels
Tacoma, Wash., Sept. 13 – Barclays Bank plc priced $1.45 million of buffered autocallable notes due Sept. 15, 2022 linked to the VanEck Vectors Gold Miners exchange-traded fund and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 7% per year if each ETF closes at or above its coupon barrier value, 75% of its initial share price, on the observation date for that month.
After one year, the notes will be automatically called if each ETF closes at or above its initial share price on any monthly observation date.
The payout at maturity will be par unless the lesser-performing ETF’s return is less than negative 25%, in which case investors will lose 1% for every 1% that the lesser-performing ETF declines beyond 25%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered autocallable notes
|
| Underlying ETFs: | VanEck Vectors Gold Miners ETF and iShares Silver Trust
|
| Amount: | $1,445,000
|
| Maturity: | Sept. 15, 2022
|
| Coupon: | 7% per year, payable monthly if each ETF closes at or above coupon barrier value on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless lesser-performing ETF’s return is less than negative 25%, in which case 1% loss for every 1% that lesser-performing ETF declines beyond 25%
|
| Call: | After one year, notes will be automatically called if each ETF closes at or above initial share price on any monthly observation date
|
| Initial share prices: | $27.72 for gold ETF and $16.95 for silver trust
|
| Coupon barrier values: | $20.79 for gold ETF and $12.71 for silver trust, or 75% of initial share prices
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 16
|
| Agent: | Barclays
|
| Fees: | 2.75%
|
| Cusip: | 06747NGN8
|
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