By Wendy Van Sickle
Columbus, Ohio, March 7 – Barclays Bank plc priced $1.8 million of phoenix autocallable notes due March 4, 2020 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 9% if the fund closes at or above the coupon barrier – 62% of the initial level – on the observation date for that quarter.
After six months, the notes will be called at par plus the contingent coupon if the fund closes at or above the initial price on a quarterly observation date.
The payout at maturity will be par plus the contingent coupon unless the fund finishes below its 62% barrier level, in which case investors will lose 1% for each 1% decline.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying fund: | VanEck Vectors Gold Miners ETF
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| Amount: | $1.8 million
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| Maturity: | March 4, 2020
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| Coupon: | 9%, payable quarterly if fund closes at or above 62% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless fund finishes below barrier level, in which case 1% loss for each 1% decline
|
| Call: | At par plus contingent coupon if fund closes at or above initial price on quarterly observation date after six months
|
| Initial level: | $22.85
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| Barrier level: | $14.17, 62% of initial level
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| Pricing date: | Feb. 28
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| Settlement date: | March 3
|
| Agent: | Barclays
|
| Fees: | 3.25%
|
| Cusip: | 06741VLR1
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