By Angela McDaniels
Tacoma, Wash., Oct. 23 – Barclays Bank plc priced $2.45 million of 0% dual directional notes due Oct. 22, 2021 linked to the lesser performing of the VanEck Vectors Oil Services 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.
If the lesser-performing ETF finishes at or above its initial share price, the payout at maturity will be par plus 1.2 times the return of the lesser-performing ETF, subject to a maximum return of 75%.
If the lesser-performing ETF finishes below its initial share price but at or above its barrier price, 65% of its initial share price, the payout will be par plus the absolute value of the lesser-performing ETF’s return.
If the lesser-performing ETF finishes below its barrier price, investors will lose 1% for every 1% that the lesser-performing ETF declines from its initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Dual directional notes
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| Underlying ETFs: | VanEck Vectors Oil Services ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $2.45 million
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| Maturity: | Oct. 22, 2021
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If lesser-performing ETF’s final share price is greater than or equal to initial share price, par plus 1.2 times lesser-performing ETF’s return, subject to 75% maximum return; if lesser-performing ETF’s final share price is less than initial share price but greater than or equal to barrier price, par plus absolute value of lesser-performing ETF’s return; if lesser-performing ETF’s final share price is less than barrier price, 1% loss for every 1% that lesser-performing ETF’s final share price is below initial share price
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| Initial share prices: | $24.01 for oil services ETF and $33.14 for oil & gas ETF
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| Barrier levels: | $15.61 for oil services ETF and $21.54 for oil & gas ETF; 65% of initial share prices
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| Pricing date: | Oct. 19
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| Settlement date: | Oct. 26
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06744CE31
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