By Susanna Moon
Chicago, Oct. 25 – Barclays Bank plc priced $1.9 million of phoenix autocallable notes due April 24, 2019 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the VanEck Vectors Oil Services ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.35% if each fund closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each fund closes at or above its initial level on any observation date other than the final date.
The payout at maturity will be par unless either fund finishes below its 65% barrier level, in which case investors will be fully exposed to any losses to the worse performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying funds: | SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Oil Services ETF
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| Amount: | $1.9 million
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| Maturity: | April 24, 2019
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| Coupon: | 6.35% per year, payable quarterly if each fund closes at or above 65% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless either fund finishes 65% barrier level, in which case 1% loss for each 1% decline of worse performing fund
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| Call: | At par plus contingent coupon if each fund closes at or above initial level on any review date other than final date
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| Initial levels: | $24.34 for S&P oil fund, $33.35 for VanEck oil fund
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| Barrier levels: | $15.82 for S&P oil fund, $21.68 for VanEck oil fund, 65% of initial levels
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| Pricing date: | Oct. 18
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| Settlement date: | Oct. 25
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741WDD9
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