Barclays plans annual autocallable notes on S&P, oil and gas ETF

By Sarah Lizee

Olympia, Wash., April 4 – Barclays Bank plc plans to price 0% annual autocallable notes due April 21, 2023 linked to the lesser performing of the S&P 500 index and 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 be automatically called at par plus an annualized call premium of 10% if each underlying closes at or above its initial level on any of four annual call valuation dates.

If the notes are not called, the payout at maturity will be par plus 40% unless either underlying asset closes below its 60% barrier level, in which case investors will be exposed to any losses of the worse performing index or fund.

Barclays is the agent.

The notes (Cusip: 06747MLU8) will price on April 18.

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