Published on 1/23/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.2 million buffered autocallables linked to oil ETFs
By Wendy Van Sickle
Columbus, Ohio, Jan. 23 – Barclays Bank plc priced $1.2 million of buffered autocallable notes due Jan. 23, 2025 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 10.35% per year if each ETF closes at or above its coupon barrier, 70% of its initial share price, on the observation date for that month.
The notes will be automatically called if each ETF closes at or above its initial share price on the observation dates in each January, April, July and October, beginning in January 2021.
The payout at maturity will be par unless the lesser-performing ETF’s return is less than negative 20%, in which case investors will lose 1% for every 1% that the lesser-performing ETF declines beyond 20%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered autocallable notes
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| Underlying ETFs | United States Oil Fund, LP and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1.2 million
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| Maturity: | Jan. 23, 2025
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| Coupon: | 10.35% per year, payable monthly if each ETF closes at or above coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless lesser-performing ETF’s return is less than negative 20%, in which case 1% loss for every 1% that lesser-performing ETF declines beyond 20%
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| Call: | Automatically at par if each ETF closes at or above initial share price on observation dates in each January, April, July and October, beginning in January 2021
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| Initial share prices: | $12.33 for U.S. Oil Fund and $22.37 for SPDR ETF
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| Coupon barrier: | $8.63 for U.S. Oil Fund and $15.66 for SPDR ETF, or 70% of initial share prices
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| Buffer values: | $9.86 for U.S. Oil Fund and $17.90 for SPDR ETF, or 80% of initial share prices
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 23
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| Agent: | Barclays
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| Fees: | 0.5%
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| Cusip: | 06747P3H0
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