By Angela McDaniels
Tacoma, Wash., Oct. 23 – Barclays Bank plc priced $2.45 million of callable contingent coupon notes due Oct. 22, 2021 linked to the lesser performing of the VanEck Vectors Oil Services 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 9.7% if each ETF closes at or above its barrier level, 60% of its initial share price, on the observation date for that quarter.
After six months, 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 Oil Services ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $2.45 million
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| Maturity: | Oct. 22, 2021
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| Contingent coupon: | 9.7% 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: | After six months, at par on any interest payment date
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| Initial share prices: | $24.01 for oil services ETF and $33.14 for oil & gas ETF
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| Barrier levels: | $16.81 for oil services ETF and $23.20 for oil & gas ETF; 70% of initial share prices
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| Pricing date: | Oct. 19
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| Settlement date: | Oct. 26
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06744CE49
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