By Wendy Van Sickle
Columbus, Ohio, Nov. 20 – Barclays Bank plc priced $1.87 million of callable contingent coupon notes due May 14, 2027 linked to the shares of the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Every quarter, the notes pay a coupon at an annualized rate of 9% if the ETF closes at or above its coupon barrier value, 60% of its initial level, on the observation date for that period.
The notes are callable at par plus any coupon due on any coupon payment date after one year.
If the ETF finishes at or above its barrier value, 50% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,866,000
|
| Maturity: | May 14, 2027
|
| Contingent coupon: | 9% per year, payable quarterly if the ETF closes at or above coupon barrier value on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If the ETF finishes at or above barrier value, par plus coupon; if ETF falls below 50% of its initial level full exposure to losses
|
| Call option: | At par plus any coupon due on any coupon payment date after one year
|
| Initial level: | $21.96
|
| Coupon barrier: | $13.18; 60% of initial level
|
| Barrier value: | $10.98; 50% of initial level
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 20
|
| Agent: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06747NRM8
|
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