By Susanna Moon
Chicago, Aug. 1 – Barclays Bank plc priced $1.21 million of phoenix autocallable notes due Oct. 31, 2018 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 annual rate of 8.5% if the underlying fund closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the fund closes at or above its initial level on the second, third or fourth observation date.
The payout at maturity will be par unless the fund finishes below its initial level and ever closes below its 70% barrier level during the life of the notes, in which case investors will be fully exposed to any losses.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying fund: | VanEck Vectors Gold Miners ETF
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Amount: | $1,213,000
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Maturity: | Oct. 31, 2018
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Coupon: | 8.5% annualized payable quarterly if fund closes at or above 70% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless fund falls and ever closes below 70% barrier, in which case 1% loss for each 1% decline
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Call: | At par plus contingent coupon if fund closes at or above initial level on second, third or fourth observation date
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Initial level: | $22.84
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Barrier level: | $15.99, 70% of initial level
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | Barclays
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Fees: | 0.25%
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Cusip: | 06741VZX3
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