By Susanna Moon
Chicago, Aug. 12 – Barclays Bank plc priced $7.91 million of trigger phoenix autocallable optimization securities due Aug. 24, 2016 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Apple stock closes at or above the coupon barrier level – 80% of the initial price – on any quarterly observation date, the notes will pay a contingent coupon at an annualized rate of 13.16% for that quarter.
If the shares close at or above the initial price on any observation date after one year, the notes will be called at par plus the contingent coupon.
If the notes are not called and Apple shares finish at or above the 80% trigger level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
Barclays and UBS Financial Services Inc. are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Trigger phoenix autocallable notes
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| Underlying stock: | Apple Inc. (Symbol: AAPL)
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| Amount: | $7,911,000
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| Maturity: | Aug. 24, 2016
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| Coupon: | 13.16% per year, payable quarterly if stock closes at or above its barrier level on any quarterly observation date
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above its trigger level, par plus the final contingent coupon; otherwise, full exposure to any losses
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| Call: | At par if shares close at or above the initial price on any observation date after one year
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| Initial price: | $115.52
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| Barrier level: | $92.42, 80% of initial price
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| Pricing date: | Aug. 7
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| Settlement date: | Aug. 12
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| Agents: | UBS Financial Services Inc. and Barclays
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| Fees: | 1%
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| Cusip: | 06741UE26
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