By Wendy Van Sickle
Columbus, Ohio, April 3 – Barclays Bank plc priced $1.2 million of phoenix autocallable notes due April 4, 2024 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 7% if the fund closes at or above the coupon barrier level – 70% of the initial price – on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the fund closes at or above the initial price on any quarterly observation date starting after one year.
The payout at maturity will be par plus the contingent coupon, if any, unless the fund finishes below its 60% barrier level, in which case investors will be fully 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 ETF: | VanEck Vectors Gold Miners exchange-traded fund
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Amount: | $1.2 million
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Maturity: | April 4, 2024
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Coupon: | 7%, payable quarterly if fund closes at or above coupon barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon unless fund finishes below its barrier level, in which case par plus fund return
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Call: | Automatically at par plus contingent coupon if fund closes at or above initial price on any quarterly observation date beginning after one year
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Initial level: | $23.01
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Coupon barrier: | $16.11, 70% of initial price
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Barrier level: | $13.81, 60% of initial price
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Pricing date: | April 1
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Settlement date: | April 4
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Agents: | Barclays
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Fees: | 1%
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Cusip: | 06747MMM5
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