By Marisa Wong
Morgantown, W.Va., Sept. 24 – Barclays Bank plc priced $847,000 of 0% phoenix autocallable notes due Dec. 4, 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 10% if the underlying asset closes at or above its 70% coupon barrier on the related observation date.
Beginning in November, the notes will be called at par plus the contingent coupon if the asset closes at or above its initial price on any quarterly observation date other than the final date.
The payout at maturity will be par unless the underlying asset ever closes below its 70% barrier during the life of the notes, in which case investors will be exposed to any losses.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying asset: | SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $847,000
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Maturity: | Dec. 4, 2019
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Coupon: | 10% annualized, payable quarterly if asset closes at or above coupon barrier on related quarterly observation date
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Price: | Par
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Payout at maturity: | Par plus contingent coupon unless asset ever closes below barrier, in which case 1% loss per 1% decline
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Call: | At par plus contingent coupon if asset closes at or above initial price on any quarterly observation date other than final date beginning in November 2018
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Initial price: | $42.34
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Coupon barrier: | $29.64, 70% of initial price
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Barrier: | $29.64, 70% of initial price
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Pricing date: | Aug. 31
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Settlement date: | Sept. 6
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Agent: | Barclays
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Fees: | 0.675%
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Cusip: | 06746XLT8
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