Barclays plans to price phoenix autocallable notes on oil and gas ETF

By Sarah Lizee

Olympia, Wash., Aug. 16 – Barclays Bank plc plans to price phoenix autocallable notes due Nov. 30, 2020 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 a rate of 10% to 11% per year if the ETF closes at or above its coupon barrier price, 70% of its initial price, on the related observation date.

The notes will be called at par if the ETF closes at or above its initial price on any quarterly call observation date after six months.

The payout at maturity will be par unless the ETF finishes below its initial level and ever closes below the 70% knock-in level any day during the life of the notes, in which case investors will lose 1% for the 1% decline.

Barclays is the agent.

The notes will price on Aug. 27.

The Cusip number is 06747NBR4.

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