By Wendy Van Sickle
Columbus, Ohio, March 21 – Barclays Bank plc priced $530,000 of phoenix autocallable notes due Sept. 20, 2018 linked to the least-performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and 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 monthly coupon at an annualized rate of 11% if each fund closes at or above the barrier level – 60% of the initial price – on the observation date for that month.
The notes will be called at par plus the contingent coupon if each fund closes at or above the initial price on any quarterly call observation date beginning in September.
The payout at maturity will be par plus the contingent coupon unless the least-performing fund finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying ETFs: SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Gold Miners ETF
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| Amount: | $530,000
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| Maturity: | Sept. 20, 2018
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| Coupon: | 11%, payable monthly if each fund closes at or above barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless least-performing fund finishes below 60% barrier level, in which case 1% loss for each 1% decline of least-performing fund
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above the initial price on any quarterly call observation date beginning in September
|
| Initial levels: | $22.98 for Gold Miners, $36.97 for Oil & Gas
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| Barrier levels: | $13.79 for Gold Miners, $22.18 for Oil & Gas; 60% of initial levels
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| Pricing date: | March 15
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| Settlement date: | March 20
|
| Agents: | Barclays
|
| Fees: | 1.875%
|
| Cusip: | 06741VNX6
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