By Angela McDaniels
Tacoma, Wash., April 6 – Barclays Bank plc priced $2.75 million of autocallable high/low coupon notes due Jan. 9, 2017 linked to the lowest performing of three exchange-traded funds, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying ETFs are the Financial Select Sector SPDR fund, the Materials Select Sector SPDR fund and the Consumer Staples Select Sector SPDR fund.
A knock-in event occurs if any underlying fund closes below its knock-in barrier price, 60% of its initial share price, on any day during the life of the notes.
Each quarter, the notes will pay a coupon at the rate of 7.25% per year if a knock-in event does not occur during the observation period for that quarter. If a knock-in event occurs during the observation period, the coupon for that interest period and each subsequent interest period will be 1% per year.
The notes will be automatically called at par if each underlying fund closes at or above its initial share price on any quarterly observation date other than the final one.
If the notes are not called, the payout at maturity will be par unless a knock-in event has occurred and the final price of the lowest-performing fund is less than its initial price, in which case investors will be fully exposed to the decline of the lowest-performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable high/low coupon notes
|
| Underlying ETFs: Financial Select Sector SPDR fund, Materials Select Sector SPDR fund and the Consumer Staples Select Sector SPDR fund
|
| Amount: | $2,751,000
|
| Maturity: | Jan. 9, 2017
|
| Coupon: | Each quarter, notes pay coupon at rate of 7.25% per year if knock-in event does not occur during observation period for that quarter; otherwise, coupon for that interest period and each subsequent interest period will be 1% per year
|
| Price: | Par
|
| Payout at maturity: | Par unless knock-in event has occurred and final price of lowest-performing fund is less than initial price, in which case full exposure to decline of lowest-performing fund
|
| Call: | Automatically at par if each underlying fund closes at or above initial share price on any quarterly observation date other than the final one
|
| Knock-in event: | Any underlying fund closes below knock-in barrier price on any day during life of notes
|
| Initial share prices: | $24.09 for financial ETF, $48.92 for materials ETF and $48.80 for consumer staples ETF
|
| Knock-in barrier: | $14.45 for financial ETF, $29.35 for materials ETF and $29.28 for consumer staples ETF; 60% of initial share prices
|
| Pricing date: | April 1
|
| Settlement date: | April 7
|
| Agent: | Barclays
|
| Fees: | 0.25%
|
| Cusip: | 06741UTK0
|
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