Published on 3/1/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $811,000 phoenix autocallable notes linked to oil & gas ETF
By Wendy Van Sickle
Columbus, Ohio, March 1 – Barclays Bank plc priced $811,000 of phoenix autocallable notes due May 25, 2018 linked to 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 will pay a contingent coupon at a rate of 7.5% a year if the ETF closes at or above the barrier price, 65% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
The notes will be automatically called at par if the ETF closes at or above the initial share price on Aug. 23, 2017, Nov. 22, 2017 or Feb. 23, 2018.
If the notes are not called, the payout at maturity will be par unless the ETF closes below the barrier price on any day during the life of the notes and the final share price is less than the initial share price, in which case 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 optimization securities
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| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $811,000
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| Maturity: | May 25, 2018
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| Coupon: | 7.5%, payable quarterly if fund closes at or above barrier price on observation date for that quarter
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| Price: | Par of $10.00
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| Payout at maturity: | Par unless ETF closes below barrier price on any day during life of notes and final share price is less than initial share price, in which case 1% loss for every 1% final share price is less than initial price
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| Call: | Automatically at par plus contingent coupon if shares close at or above initial price on Aug. 23, 2017, Nov. 22, 2017 or Feb. 23, 2018
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| Initial share price: | $38.63
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| Trigger price: | $25.11, 65% of initial price
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 28
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| Underwriters: | UBS Financial Services Inc. and UBS Investment Bank
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| Fees: | 2%
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| Cusip: | 06741VJV5
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