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

By Devika Patel

Knoxville, Tenn., July 5 – Barclays Bank plc plans to price phoenix autocallable notes due Aug. 3, 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 10.25% to 11.25% if the fund closes at or above its coupon barrier level, 70% of its initial level on each observation date. The exact coupon 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 Jan. 31, 2018 or April 30, 2018.

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

Barclays is the agent.

The notes (Cusip: 06741VZN5) are expected to price July 31 and settle Aug. 3.

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