Barclays plans autocallable step-up notes tied to Energy Select index

By Angela McDaniels

Tacoma, Wash., Nov. 1 – Barclays Bank plc plans to price 0% autocallable market-linked step-up notes due November 2018 linked to the Energy Select Sector index, according to an FWP filing with the Securities and Exchange Commission.

The notes will be automatically called at par of $10 plus a call premium if the index closes at or above its initial level on the observation date, which will occur in December 2017. The call premium is expected to be 12.5% to 13.5% and will be set at pricing.

If the notes are not called and the final index level is greater than the step-up value, 130% of the initial index level, the payout at maturity will be par plus the index return.

If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, 30%.

If the final index level is less than the initial level, investors will have one-to-one exposure to the decline.

BofA Merrill Lynch is the agent.

The notes will price and settle in November.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.