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Barclays plans annual autocallable notes tied to S&P, oil and gas ETF
By Sarah Lizee
Olympia, Wash., July 30 – Barclays Bank plc plans to price 0% annual autocallable notes due Aug. 29, 2022 linked to the lesser performing of the S&P 500 index and 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 be automatically called at par plus an annualized call premium of 11.75% if each underlying closes at or above its initial level on any of four annual call valuation dates.
If the notes are not called and the final level of the lesser-performing underlying is at least 70% of its initial level, the payout at maturity will be par plus the digital percentage of 11.75%. Otherwise, investors will lose 1% for each 1% decline of the lesser-performing underlying from its initial level.
Barclays is the agent.
The notes (Cusip: 06746XKE2) will price on Aug. 24 and settle on Aug. 31.
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