By Wendy Van Sickle
Columbus, Ohio, May 31 – Barclays Bank plc priced $962,000 of phoenix autocallable notes due Aug. 31, 2018 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 8.75% if the fund closes at or above its 65% coupon barrier 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 its initial level on the second, third or fourth observation dates.
The payout at maturity will be par unless the fund finishes below its initial level and ever closes below its 65% knock-in level during the life of the notes, in which case investors will lose 1% for each 1% decline.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying fund: | VanEck Vectors Gold Miners exchange-traded fund
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| Amount: | $962,000
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| Maturity: | Aug. 31, 2018
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| Coupon: | 8.75%, payable quarterly if fund closes at or above its barrier price on related quarterly observation date
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless fund finishes below its initial level and ever closes below its 65% knock-in level during the life of the notes, in which case investors will lose 1% for each 1% decline
|
| Call: | At par plus the contingent coupon if fund closes at or above its initial level on second, third or fourth observation dates
|
| Initial price: | $22.71
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| Barrier/knock-in price: | $14.76; 65% of initial price
|
| Pricing date: | May 25
|
| Settlement date: | May 31
|
| Agent: | Barclays
|
| Fees: | 2.5%
|
| Cusip: | 06741VTA0
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