Barclays plans to sell trigger phoenix autocallables on Eaton stock

By Devika Patel

Knoxville, Tenn., Nov. 18 – Barclays Bank plc plans to price trigger phoenix autocallable optimization securities due Nov. 27, 2020 linked to the common stock of Eaton Corp., according to an FWP filing with the Securities and Exchange Commission.

If Eaton stock closes at or above the trigger price, which is expected to be 61% to 66% of the initial price, on a monthly observation date, the issuer will pay a contingent coupon for that month at the rate of 8% per year. Otherwise, no coupon will be paid that month. The exact trigger price will be set at pricing.

Beginning Nov. 21, 2016, the notes will be called at par of $10 plus the contingent coupon if the shares close at or above the initial price on a monthly observation date.

If the notes are not called and Eaton shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price.

UBS Financial Services Inc. and Barclays are the agents.

The notes (Cusip: 06743T774) will price on Nov. 20 and settle on Nov. 25.

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