Barclays to price phoenix autocallables linked to oil & gas E&P ETF

By Angela McDaniels

Tacoma, Wash., April 11 – Barclays Bank plc plans to price phoenix autocallable notes due July 31, 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.

Each quarter, the notes will pay a contingent coupon if the ETF closes at or above its barrier level, 65% of its initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter. The contingent coupon rate is expected to be 11% to 12% per year and will be set at pricing.

Beginning six months after issuance, the notes will be called at par plus the contingent coupon if the ETF closes at or above its initial share price on any observation date other than the final one.

The payout at maturity will be par unless the ETF closes below its barrier value during the life of the notes and finishes below its initial share price, in which case investors will lose 1% for every 1% that the ETF declines from its initial share price.

Barclays is the agent.

The notes will price April 30.

The Cusip number is 06747ML38.

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