Barclays plans to sell phoenix autocallables due 2020 tied to oil ETF

By Devika Patel

Knoxville, Tenn., Dec. 31 – Barclays Bank plc plans to price phoenix autocallable notes due May 5, 2020 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 expected annual rate of 12% to 13% if the fund closes at or above its coupon barrier level, 60% of its initial level on each observation date. The exact coupon will be set at pricing.

Beginning April 30, 2019, the notes will be called at par plus the contingent coupon if the fund closes at or above its initial level on any quarterly observation date before April 30, 2020.

If the fund finishes at or above its initial level or never closes below its 60% barrier level during the life of the notes, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the fund from its initial level.

Barclays is the agent.

The notes (Cusip: 06747M6B7) will price on Jan. 31 and settle on Feb. 5.

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