Barclays plans two-year phoenix autocallables linked to three funds

By Wendy Van Sickle

Columbus, Ohio, Dec. 14 – Barclays Bank plc plans to price phoenix autocallable notes due Dec. 20, 2018 linked to the 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 the rate of 13.75% per year if each fund closes at or above its barrier level, 75% of its initial level, on the observation date for that quarter.

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

If each fund finishes at or above its barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing fund.

Barclays is the agent.

The notes (Cusip: 06741VFK3) will price on Dec. 16 and settle on Dec. 21.

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