By Devika Patel
Knoxville, Tenn., Nov. 28 – Barclays Bank plc priced $1.07 million of trigger phoenix autocallable notes due Nov. 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 annualized rate of 10.5% if the fund closes at or above the barrier level – 65% of the initial price – on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the fund closes at or above the initial price on the second or third observation dates.
The payout at maturity will be par plus the contingent coupon unless the fund finishes below its initial level and 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.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger phoenix autocallable notes
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
|
| Amount: | $1,072,000
|
| Maturity: | Nov. 28, 2017
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| Coupon: | 10.5%, payable quarterly if fund closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless fund finishes below its initial level and closes below the 65% barrier level during the life of the notes, in which case par plus fund return
|
| Call: | Automatically at par plus contingent coupon if fund closes at or above initial price on second or third observation dates
|
| Initial level: | $39.85
|
| Barrier level: | $25.90, 65% of initial price
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| Pricing date: | Nov. 28
|
| Settlement date: | Nov. 28
|
| Agents: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06741VDV1
|
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