Barclays plans phoenix autocallables linked to Russell, oil & gas ETF

By Angela McDaniels

Tacoma, Wash., June 19 – Barclays Bank plc plans to price phoenix autocallable notes due June 25, 2019 linked to the lesser performing of the Russell 2000 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon if each underlier closes at or above its coupon barrier price, 70% of its initial level , on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter. The contingent coupon rate is expected to be 7% to 8.5% per year and will be set at pricing.

Beginning in December 2017, the notes will be automatically called at par if each underlier closes at or above its initial share price on any quarterly observation date other than the final observation date.

If the notes are not called, the payout at maturity will be par unless either underlier finishes below its barrier price, 60% of its initial level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines from its initial level.

Barclays is the agent.

The notes will price June 20.

The Cusip number is 06741VZ39.

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