Barclays aims to price one-year phoenix autocallables tied to oil ETF

By Devika Patel

Knoxville, Tenn., May 1 – Barclays Bank plc plans to price phoenix autocallable notes due June 5, 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.

The notes will pay a quarterly contingent coupon at an annual rate of 8.75% to 9.75% if the fund closes at or above its barrier level, 70% of its initial level, on the observation date for that quarter. The exact contingent coupon rate will be set at pricing.

The notes will be called at par plus the contingent coupon if the fund closes at or above its initial level on Nov. 30, 2017 or Feb. 28, 2018.

If the fund finishes at or above its initial level and never closes below its 70% barrier level during the life of the notes, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline.

Barclays is the agent.

The notes (Cusip: 06741VTK8) will price on May 31 and settle on June 5.

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