Barclays plans 6.55%-8.55% airbag autocallables on Freeport-McMoRan

By Toni Weeks

San Luis Obispo, Calif., May 20 – Barclays Bank plc plans to price airbag autocallable yield optimization notes due May 31, 2016 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to an FWP with the Securities and Exchange Commission.

The interest rate is expected to be 6.55% to 8.55% and will be set at pricing. Interest will be payable monthly.

The notes will be called automatically at par if Freeport-McMoRan shares close at or above the initial share price on any quarterly observation date.

The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the conversion price. The conversion price will be 80% of the initial share price.

The notes (Cusip: 06743N637) will price May 27 and settle May 29.

UBS Financial Services Inc. and Barclays are the agents.

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