Barclays to price market-linked step-up notes on Energy Select Sector

By Devika Patel

Knoxville, Tenn., Aug. 24 – Barclays Bank plc plans to offer 0% market-linked step-up notes due August 2020 linked to the Energy Select Sector index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the step-up value, 114.5% to 120.5% of the initial index level, the payout at maturity will be par plus the index return. The exact step-up value will be set at pricing.

If the final index level is greater than or equal to its initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, 14.5% to 20.5%. The exact step-up payment will be set at pricing.

If the final index level is less than its initial level, investors will lose 1% for each 1% decline.

BofA Merrill Lynch is the agent.

The notes will price in August and settle in September.

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