Barclays plans phoenix autocallables due 2019 tied to three funds

By Wendy Van Sickle

Columbus, Ohio, Feb. 24 – Barclays Bank plc plans to price phoenix autocallable notes due March 5, 2019 linked to the least performing of the Energy Select Sector SPDR fund, the Consumer Discretionary Select Sector SPDR fund and the Health Care 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 annualized rate of 9.55% if each fund closes at or above the barrier level, 75% 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 observation date other than the final one. If the notes are not called and each fund finishes at or above the barrier level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the lowest performing fund is less its initial level.

Barclays is the agent.

The notes will price on Feb. 28 and settle on March 3.

The Cusip number is 06741VL75.

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