New Issue: Barclays sells $1.79 million phoenix autocallable notes on General Motors

By Wendy Van Sickle

Columbus, Ohio, May 30 – Barclays Bank plc priced $1.79 million of phoenix autocallable notes due Nov. 27, 2024 linked to the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 11.85% if the stock closes at or above its 60% coupon barrier on a related observation date.

The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly call observation date.

The payout at maturity will be par plus the coupon unless the stock finishes below 60% of its initial value, in which case investors will be fully exposed to the stock’s decline.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Phoenix autocallable notes
Underlying stock:	General Motors Co.
Amount:	$1,786,000
Maturity:	Nov. 27, 2024
Coupon:	11.85% annualized, payable quarterly if stock closes at or above coupon barrier on related observation date
Price:	Par
Payout at maturity:	Par plus coupon unless stock finishes below final barrier level, in which case full exposure to stock’s decline
Call:	At par plus contingent coupon if stock closes at or above its initial level on any quarterly call observation date
Initial level:	$32.86
Coupon barrier:	$19.72, 60% of initial level
Final barrier:	$19.72, 60% of initial level
Pricing date:	May 22
Settlement date:	May 25
Agent:	Barclays
Fees:	2.75%
Cusip:	06741W4U1

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.