By Angela McDaniels
Tacoma, Wash., May 23 – Barclays Bank plc priced $781,000 of phoenix autocallable notes due Aug. 22, 2019 linked to the lesser performing of the SPDR S&P Regional Banking exchange-traded fund and 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 the rate of 11.5% per year if each ETF closes at or above the coupon barrier level, 70% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
Beginning in November 2017, the notes will be called at par if the ETFs close at or above their initial share prices on any observation date other than the final one.
If the notes are not called and each ETF finishes at or above its barrier level, 60% of its initial share price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price of the lesser-performing ETF is less than its initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying ETFs: SPDR S&P Regional Banking ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $781,000
|
| Maturity: | Aug. 22, 2019
|
| Coupon: | 11.5% per year, payable quarterly if each ETF closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par if each ETF finishes at or above barrier price; otherwise, full exposure to decline of lesser-performing ETF
|
| Call: | Beginning in November 2017, automatically at par if ETFs close at or above initial levels on any quarterly observation date other than final one
|
| Initial share prices: | $52.48 for banking ETF and $35.52 for oil ETF
|
| Coupon barriers: | $36.74 for banking ETF and $24.86 for oil ETF; 70% of initial share prices
|
| Barrier prices: | $31.49 for banking ETF and $21.31 for oil ETF; 60% of initial share prices
|
| Pricing date: | May 19
|
| Settlement date: | May 24
|
| Agent: | Barclays
|
| Fees: | 0.7%
|
| Cusip: | 06741VV25
|
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