By Susanna Moon
Chicago, Aug. 8 – Barclays Bank plc priced $418,000 of 0% phoenix autocallable notes due Nov. 1, 2019 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if the underlying asset closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the asset closes at or above its initial level on any call valuation date other than the final date.
The payout at maturity will be par unless the underlying asset ever closes below its 70% trigger level during the life of the notes, in which case investors will be exposed to any losses.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying asset: | SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $418,000
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| Maturity: | Nov. 1, 2019
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| Coupon: | 11% annualized, payable quarterly if asset closes at or above 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless asset ever closes below 70% trigger, in which case 1% loss per 1% decline
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| Call: | At par plus contingent coupon if asset closes at or above initial level on any call valuation date other than final date beginning with the second date
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| Initial level: | $43.02
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| Trigger level: | $30.11, 70% of initial level
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| Pricing date: | July 31
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| Settlement date: | Aug. 3
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| Agent: | Barclays
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| Fees: | 0.675%
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| Cusip: | 06746XHX4
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