Barclays plans autocallable notes with contingent coupon on oil ETF

By Sarah Lizee

Olympia, Wash., July 9 – Barclays Bank plc plans to price autocallable notes due Oct. 29, 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 12% to 13% 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.

The notes will price on July 26.

The Cusip number is 06747N3P7.

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