By Susanna Moon
Chicago, June 16 – Barclays Bank plc priced $2.3 million of phoenix autocallable notes due June 5, 2018 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 annual rate of 9% if the underlying fund closes at or above its coupon barrier, 70% of its initial level, 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 either the second or third observation date.
The payout at maturity will be par unless the fund finishes below its initial level and ever closes below its 70% knock-in 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
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| Issue: | Phoenix autocallable notes
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| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $2,302,000
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| Maturity: | June 5, 2018
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| Coupon: | 9% annualized payable quarterly if fund closes at or above 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless fund falls and ever dips below its 70% knock-in level, in which case 1% loss for each 1% decline
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| Call: | At par plus contingent coupon if fund closes at or above initial level on either the second or third observation dates
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| Initial level: | $32.57
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| Barrier levels: | $22.80, 70% of initial level
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| Pricing date: | May 31
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| Settlement date: | June 5
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| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
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| Fees: | 0.85%
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| Cusip: | 06741VTK8
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