Barclays plans 15-month phoenix autocallables linked to SPDR S&P Oil

By Susanna Moon

Chicago, May 5 – Barclays Bank plc plans to price phoenix autocallable notes due Aug. 31, 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 7.75% to 8.75% if the fund closes at or above its 70% coupon barrier 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 the second, third or fourth observation date.

The payout at maturity will be par unless the fund finishes below its initial level and ever closes below its 70% knock-in level during the life of the notes, in which case investors will lose 1% for each 1% decline.

Barclays is the agent.

The notes will price on May 25 and settle on May 31.

The Cusip number is 06741VT93.

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