By Angela McDaniels
Tacoma, Wash., May 23 – Barclays Bank plc priced $1.5 million of callable contingent coupon notes due Nov. 24, 2020 linked to the lesser 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.
Each quarter, the notes pay a coupon at an annualized rate of 11.5% if each ETF closes at or above its barrier level, 60% of its initial share price, on the observation date for that quarter.
Beginning in November 2017, the notes are callable at par on any interest payment date.
The payout at maturity will be par unless either ETF finishes below its barrier level, in which case investors will be exposed to the decline of the lesser-performing ETF from its initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying ETFs: VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1.5 million
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| Maturity: | Nov. 24, 2020
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| Contingent coupon: | 11.5% per year, payable quarterly if each ETF closes at or above barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either ETF finishes below barrier level, in which case exposure to decline of lesser-performing ETF from initial share price
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| Call option: | Beginning November 2017, at par on any interest payment date
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| Initial share prices: | $22.86 for gold ETF and $35.52 for oil ETF
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| Barrier levels: | $13.72 for gold ETF and $21.31 for oil ETF; 60% of initial levels
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| Pricing date: | May 19
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| Settlement date: | May 24
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| Agent: | Barclays
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| Fees: | 3.2%
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| Cusip: | 06741VVY5
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