Barclays to price trigger autocallables linked to SPDR S&P Bank ETF

By Angela McDaniels

Tacoma, Wash., Sept. 26 – Barclays Bank plc plans to price trigger autocallable contingent yield notes due Sept. 28, 2018 linked to the SPDR S&P Bank exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon if the ETF closes at or above its downside threshold level, 80% of its initial share price, on the observation date for that quarter. The contingent coupon rate is expected to be 8% to 10% per year and will be set at pricing.

After six months, the notes will be automatically called at par of $10 if the ETF closes at or above its initial share price on any quarterly observation date.

If the notes are not called and the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the ETF’s final share price is less than its initial share price.

UBS Financial Services Inc. and Barclays are the underwriters.

The notes will price Sept. 28.

The Cusip number is 06745B268.

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