Published on 5/14/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.28 million 9% phoenix autocalls tied to two funds
By Tali Rackner
Minneapolis, May 14 – Barclays Bank plc priced $1.28 million of phoenix autocallable notes due April 25, 2022 linked to the lesser performing of the VanEck Vectors Oil Services exchange-traded fund and 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% if each underlying fund closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each fund closes at or above its initial price on any observation date other than the final date.
The payout at maturity will be par unless either underlying fund finishes below its 65% barrier price, in which case investors will be exposed to any losses of the lesser-performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying funds: | VanEck Vectors Oil Services ETF, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1,275,000
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| Maturity: | April 25, 2022
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| Coupon: | 9% annualized, payable quarterly if each fund closes at or above 65% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless either fund finishes below 65% barrier, in which case 1% loss per 1% decline of lesser-performing fund
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| Call: | At par plus contingent coupon if each fund closes at or above initial price on any observation date other than final date
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| Initial prices: | $26.84 for oil services, $38.86 for oil & gas
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| Barrier prices: | $17.45 for oil services, $25.26 for oil & gas, 65% of initial prices
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| Pricing date: | April 20
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| Settlement date: | April 25
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06746X6K4
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