By Marisa Wong
Morgantown, W.Va., Aug. 2 – Barclays Bank plc priced $758,000 of phoenix autocallable notes due July 28, 2017 linked to 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 quarterly coupon at an annual rate of 10.5% if the fund closes at or above its coupon barrier level, 65% of its initial level, 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 its initial level on either the second or third observation date.
The payout at maturity will be par unless the fund finishes below its initial level and ever closes below the 65% barrier level during the life of the notes, in which case investors will be fully exposed to any losses.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $758,000
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| Maturity: | July 28, 2017
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| Coupon: | 10.5% per year, payable each quarter that fund closes at or above barrier level on observation date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless fund finishes below initial level and ever closes below barrier level during life of notes, in which case investors will be fully exposed to any losses
|
| Call: | At par plus the contingent coupon if fund closes at or above its initial level on either second or third observation date
|
| Initial price: | $33.91
|
| Barrier price: | $22.04, 65% of initial price
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| Pricing date: | July 26
|
| Settlement date: | July 29
|
| Agent: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06741V6D9
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