Barclays plans phoenix autocallable notes linked to three ETFs

By Marisa Wong

Morgantown, W.Va., May 25 – Barclays Bank plc plans to price phoenix autocallable notes due June 1, 2018 linked to least performing of the iShares Nasdaq Biotechnology exchange-traded fund, the Financial Select Sector SPDR fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annual rate of 10.3% if each fund closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.

The notes will be called at par plus the contingent coupon if each fund closes at or above its initial level on any quarterly observation date other than the final one.

If the notes are not called, the payout at maturity will be par plus the last coupon unless the least-performing fund finishes below its 65% barrier level, in which case investors will lose 1% for every 1% that the least-performing fund finishes below its initial level.

Barclays is the agent.

The notes will price on May 26.

The Cusip number is 06741V4A7.

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