By Susanna Moon
Chicago, Oct. 3 – Barclays Bank plc priced $2.73 million of phoenix autocallable notes due Dec. 28, 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 9.25% if the 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 the second, third or fourth observation date.
The payout at maturity will be par unless the fund finishes below its initial level and ever closes 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: | $2,725,000
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| Maturity: | Dec. 28, 2018
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| Coupon: | 9.25% per year, 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 plus contingent coupon unless fund finishes below its initial level and ever closes below 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 the second, third or fourth observation date
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| Initial level: | $34.12
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| Trigger level: | $23.88, 70% of initial level
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| Pricing date: | Sept. 26
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| Settlement date: | Sept. 29
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| Agent: | Barclays
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| Fees: | 2.5%
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| Cusip: | 06744C2H3
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