By Marisa Wong
Morgantown, W.Va., May 13 – Barclays Bank plc priced $718,000 of phoenix autocallable notes due July 31, 2020 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 10.25% if the ETF closes at or above its 70% coupon barrier on the observation date for that quarter.
After six months, the notes will be called at par plus the contingent coupon if the ETF closes at or above its initial level on any quarterly call valuation date before the final valuation date.
The payout at maturity will be par unless the ETF finishes below its initial level and closes below its 70% knock-in level on any day during the life of the notes, in which case investors will be full exposed to losses.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $718,000
|
| Maturity: | July 31, 2020
|
| Coupon: | 10.25% annualized, payable each quarter that ETF closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless ETF finishes below its initial level and closes below its knock-in level on any day during the life of the notes, in which case full exposure to losses
|
| Call: | At par plus contingent coupon if ETF closes at or above initial value on any quarterly valuation date other than final date after six months
|
| Initial value: | $31.79
|
| Coupon barrier: | $22.25, 70% of initial value
|
| Knock-in level: | $22.25, 70% of initial value
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Agent: | Barclays
|
| Fees: | 2.175%
|
| Cusip: | 06747MKV7
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
