By Toni Weeks
San Luis Obispo, Calif., June 10 – Barclays Bank plc priced $1.6 million of trigger phoenix autocallable optimization securities due Dec. 11, 2015 linked to the common stock of Kodiak Oil & Gas Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Kodiak stock closes at or above the coupon barrier – 70% of the initial share price – on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at an annualized rate of 10.15%. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Kodiak shares finish at or above the 70% 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 underwriters.
Issuer: | Barclays Bank plc
|
Issue: | Trigger phoenix autocallable optimization securities
|
Underlying stock: | Kodiak Oil & Gas Corp. (Symbol: KOG)
|
Amount: | $1,603,000
|
Maturity: | Dec. 11, 2015
|
Coupon: | 10.15%, payable quarterly if stock closes at or above barrier price on observation date for that quarter
|
Price: | Par of $10.00
|
Payout at maturity: | Par plus contingent coupon if Kodiak shares finish at or above trigger price; otherwise, par plus stock return
|
Call: | Automatically at par plus contingent coupon if Kodiak shares close at or above initial price on any quarterly observation date
|
Initial share price: | $13.08
|
Barrier/trigger price: | $9.16, 70% of initial price
|
Pricing date: | June 6
|
Settlement date: | June 11
|
Underwriters: | UBS Financial Services Inc. and Barclays
|
Fees: | 1.5%
|
Cusip: | 06742W786
|
|
© 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.