Barclays plans to price dual directional notes linked to oil ETFs

By Angela McDaniels

Tacoma, Wash., Oct. 16 – Barclays Bank plc plans to price 0% dual directional notes due Oct. 22, 2021 linked to the lesser performing of the VanEck Vectors Oil Services exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the final share price of the lesser-performing ETF is greater than or equal its initial share price, the payout at maturity will be par plus 1.2 times the return of the lesser-performing ETF, subject to a maximum return of 75%.

If the final share price of the lesser-performing ETF is less than its initial share price but greater than or equal to its barrier share price, 65% of its initial share price, the payout will be par plus the absolute value of the lesser-performing ETF’s return.

If the final share price of the lesser-performing ETF is less than its barrier share price, investors will lose 1% for every 1% that the lesser-performing ETF’s final share price is below its initial share price.

Barclays is the agent.

The notes will price Oct. 19.

The Cusip number is 06744CE31.

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