By Tali Rackner
Norfolk, Va., Aug. 30 – Barclays Bank plc priced $1.35 million of 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% 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
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| Issue: | Phoenix autocallable notes
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| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1,353,000
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| Maturity: | Aug. 30, 2017
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| Coupon: | 10.5% per year, payable quarterly if ETF closes at or above barrier level on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless ETF closes below initial level and ever closes below the 65% barrier level during the life of the notes, in which case full exposure to any losses
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| Call: | Automatically at par plus contingent coupon if ETF closes at or above its initial level on either the second or third observation date
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| Initial price: | $37.17
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| Barrier price: | $24.16, 65% of initial price
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 30
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| Agent: | Barclays
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| Fees: | 1.875%
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| Cusip: | 06741V7E6
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