Barclays plans phoenix autocallables on SPDR S&P Oil & Gas ETF

By Wendy Van Sickle

Columbus, Ohio, Aug. 4 – Barclays Bank plc plans to price phoenix autocallable notes due Aug. 30, 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% to 12.5% 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.

The notes will price Aug. 25.

The Cusip number is 06741V7E6.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.