Barclays plans one-year phoenix autocallables linked to SPDR S&P Oil

By Susanna Moon

Chicago, July 11 – Barclays Bank plc plans to price phoenix autocallable notes due July 28, 2017 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 10% to 12% if the fund closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarter. The exact rate will be set at pricing.

The notes will be called at par plus the contingent coupon if the fund closes at or above its initial level on either the second or third observation date.

The payout at maturity will be par unless the fund finishes below its initial level and ever closes below the 65% barrier level during the life of the notes, in which case investors will be fully exposed to any losses.

Barclays is the agent.

The notes will price on July 26 and settle on July 29.

The Cusip number is 06741V6D9.

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