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Barclays plans phoenix autocallables due 2020 linked to SPDR S&P Oil
By Sarah Lizee
Olympia, Wash., Oct. 9 – Barclays Bank plc plans to price phoenix autocallable notes due April 30, 2020 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 7.5% to 8.5% 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 first and final dates.
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.
The notes will price on Oct. 26 and settle on Oct. 31.
The Cusip number is 06746XTA1.
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