By Angela McDaniels
Tacoma, Wash., Aug. 16 – Barclays Bank plc priced $8.65 million of phoenix autocallable notes due Aug. 17, 2021 linked to the iShares Nasdaq Biotechnology exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10.25% per year if the ETF closes at or above the barrier level, 75% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
Beginning in February 2017, the notes will be called at par plus the contingent coupon if the ETF closes at or above the initial share price on any observation date other than the final one.
If the notes are not called and the ETF finishes at or above the barrier level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying ETF: | iShares Nasdaq Biotechnology ETF
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| Amount: | $8.65 million
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| Maturity: | Aug. 17, 2021
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| Coupon: | 10.25% per year, payable quarterly if 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 plus contingent coupon if ETF finishes at or above barrier price; otherwise, full exposure to ETF’s decline
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| Call: | Beginning in February 2017, automatically at par plus contingent coupon if ETF closes at or above initial share price on any quarterly observation date other than final one
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| Initial share price: | $292.52
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| Barrier level: | $219.39, 75% of initial share price
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| Pricing date: | Aug. 12
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| Settlement date: | Aug. 17
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| Agent: | Barclays
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| Fees: | None
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| Cusip: | 06741V7M8
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