By Tali Rackner
Minneapolis, Dec. 18 – Barclays Bank plc priced $310,000 of phoenix autocallable notes due May 31, 2019 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 contingent quarterly coupon at an annual rate of 8.5% if the fund closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the fund closes at or above its initial price on any valuation date other than the final date beginning with the second date.
The payout at maturity will be par unless the fund finishes below its initial level and ever closes below its 70% barrier level during the life of the notes, in which case investors will be fully exposed to any losses.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $310,000
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| Maturity: | May 31, 2019
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| Coupon: | 8.5% annualized, payable quarterly if fund closes at or above 70% 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 fund finishes below initial level and ever closes below 70% barrier during the life of the notes, in which case 1% loss for each 1% decline
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| Call: | At par plus contingent coupon if fund closes at or above initial price on any observation date other than the final date beginning with the second date
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| Initial price: | $35.72
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| Barrier price: | $25, 70% of initial price
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 5
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| Agent: | Barclays
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| Fees: | 0.675%
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| Cusip: | 06744CH95
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