By Marisa Wong
Morgantown, W.Va., July 20 – Barclays Bank plc priced $3.57 million of phoenix autocallable notes due July 6, 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.
Each quarter, the notes will pay a contingent coupon at an annual rate of 10.3% if the underlying fund 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 contingent coupon if the fund closes at or above its initial level on the second or third quarterly observation date.
The payout at maturity will be par unless the fund finishes below its initial level and ever closes below its 70% barrier level during the life of the notes, in which case investors will be fully exposed to any losses.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $3,565,000
|
| Maturity: | July 6, 2018
|
| Coupon: | 10.3% annualized, payable quarterly if fund closes at or above coupon barrier on related quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless fund falls and ever dips below its barrier price, in which case 1% loss for each 1% decline
|
| Call: | At par plus contingent coupon if fund closes at or above initial level on second or third observation date
|
| Initial price: | $31.92
|
| Coupon barrier: | $22.34, 70% of initial price
|
| Barrier price: | $22.34, 70% of initial price
|
| Pricing date: | June 30
|
| Settlement date: | July 6
|
| Agent: | Barclays
|
| Fees: | 0.85%
|
| Cusip: | 06741VWV0
|
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