By Angela McDaniels
Tacoma, Wash., Sept. 5 – Barclays Bank plc priced $2.09 million of phoenix autocallable notes due Sept. 6, 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.
Each quarter, the notes pay a contingent coupon at the rate of 10% per year if the ETF closes at or above the barrier level, 70% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
The notes will be called at par if the ETF closes at or above the initial share price on Feb. 28, 2018 or May 31, 2018.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the initial share price and the ETF closes below its barrier price on any day during the life of the notes, in which case investors will lose 1% for every 1% that the final share price is less than the initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $2.09 million
|
| Maturity: | Sept. 6, 2018
|
| Coupon: | 10% per year, payable quarterly if ETF closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless final share price is less than initial share price and ETF closes below barrier price on any day during life of notes, in which case full exposure to ETF’s decline
|
| Call: | Automatically at par plus contingent coupon if ETF closes at or above initial share price on Feb. 28, 2018 or May 31, 2018
|
| Initial share price: | $30.16
|
| Barrier price: | $21.11, 70% of initial share price
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 6
|
| Agent: | Barclays
|
| Fees: | 0.85%
|
| Cusip: | 06744CDU2
|
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