Barclays plans phoenix autocallable notes linked to oil & gas ETF

By Marisa Wong

Morgantown, W.Va., Jan. 9 – Barclays Bank plc plans to price phoenix autocallable notes due April 30, 2018 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly contingent coupon at an annual rate of 9.25% to 10.25% if the fund closes at or above its barrier level, 65% of its initial level, on a quarterly observation date. The exact coupon will be set at pricing.

The notes will be called at par plus the contingent coupon if the fund closes at or above its initial level on any of the second, third or fourth quarterly observation dates.

If the fund finishes at or above its initial level and never closes below its 65% barrier level during the life of the notes, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% fund decline.

Barclays is the agent.

The notes will price on Jan. 26.

The Cusip number is 06741VGP1.

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