Published on 10/21/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.45 million buffered autocallables linked to oil ETFs
By Angela McDaniels
Tacoma, Wash., Oct. 21 – Barclays Bank plc priced $1.45 million of buffered autocallable notes due April 21, 2027 linked to the United States Oil Fund, LP and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 7.55% per year if each ETF closes at or above its buffer value, 65% of its initial share price, on the observation date for that month.
From October 2020 to March 2027, the notes will be automatically called if each ETF closes at or above its initial share price on any monthly observation date.
The payout at maturity will be par unless the lesser-performing ETF’s return is less than negative 35%, in which case investors will lose 1% for every 1% that the lesser-performing ETF declines beyond 35%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered autocallable notes
|
| Underlying ETFs: United States Oil Fund, LP and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,453,000
|
| Maturity: | April 21, 2027
|
| Coupon: | 7.55% per year, payable monthly if each ETF closes at or above buffer value on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless lesser-performing ETF’s return is less than negative 35%, in which case 1% loss for every 1% that lesser-performing ETF declines beyond 35%
|
| Call: | From October 2020 to March 2027, notes will be automatically called if each ETF closes at or above initial share price on any monthly observation date
|
| Initial share prices: | $11.28 for U.S. Oil Fund and $20.95 for SPDR ETF
|
| Buffer values: | $7.33 for U.S. Oil Fund and $13.62 for SPDR ETF, or 65% of initial share prices
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 22
|
| Agent: | Barclays
|
| Fees: | 4.5%
|
| Cusip: | 06747NM50
|
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