Published on 4/12/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $525,000 of phoenix autocallable notes linked to ETFs
By Devika Patel
Knoxville, Tenn., April 12 – Barclays Bank plc priced $525,000 of phoenix autocallable notes due Oct. 15, 2018 linked to the least-performing of the VanEck Vectors Gold Miners 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 monthly coupon at an annualized rate of 9.75% if each fund closes at or above the barrier level – 60% of the initial price – on the first observation date for the month.
The notes will be called at par plus the contingent coupon if each fund closes at or above the initial price on Oct. 10, 2017, Jan. 10, 2018, April 10, 2018 or July 10, 2018.
The payout at maturity will be par plus the contingent coupon unless the least-performing fund finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying ETFs: VanEck Vectors Gold Miners and SPDR S&P Oil & Gas Exploration & Production
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| Amount: | $525,000
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| Maturity: | Oct. 15, 2018
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| Coupon: | 9.75%, payable monthly if each fund closes at or above barrier level on observation date for each month
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless least-performing fund finishes below 60% barrier level, in which case 1% loss for each 1% decline of least-performing fund
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial price on Oct. 10, 2017, Jan. 10, 2018, April 10, 2018 or July 10, 2018
|
| Initial levels: | $23.65 for VanEck, $37.84 for SPDR S&P
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| Barrier levels: | $14.19 for VanEck, $22.70 for SPDR S&P; 60% of initial levels
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| Pricing date: | April 10
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| Settlement date: | April 13
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| Agents: | Barclays
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| Fees: | 2.325%
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| Cusip: | 06741VQB1
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