By Wendy Van Sickle
Columbus, Ohio, Jan. 3 – Barclays Bank plc priced $333,000 of phoenix autocallable notes due March 29, 2019 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 contingent quarterly coupon at an annual rate of 9.25% if the fund closes at or above its 70% coupon barrier 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 price on the second, third or fourth observation dates.
The payout at maturity will be par unless the fund finishes below its initial level and has closed below the 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: | $333,000
|
| Maturity: | March 29, 2019
|
| Coupon: | 9.25% annualized, payable quarterly if fund closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless fund finishes below initial level and has closed below barrier during life of notes, in which case 1% loss for each 1% decline
|
| Call: | At par plus contingent coupon if fund closes at or above initial price second, third or fourth observation dates
|
| Initial price: | $36.66
|
| Coupon barrier/barrier: | $25.66, 70% of initial price
|
| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 27
|
| Agent: | Barclays
|
| Fees: | 1%
|
| Cusip: | 06744CME8
|
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