By Marisa Wong
Morgantown, W.Va., Aug. 26 – Barclays Bank plc priced $3.19 million of trigger phoenix autocallable optimization securities due Feb. 27, 2017 linked to Tenet Healthcare Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if Tenet stock closes at or above the coupon barrier price, 75% of the initial price, on the observation date for that quarter.
If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par of $10 plus the contingent coupon.
The payout at maturity will be par plus the contingent coupon unless Tenet shares finish below the 75% trigger price, in which case investors will be fully exposed to the share price decline.
Barclays and UBS Financial Services Inc. are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying stock: | Tenet Healthcare Corp. (Symbol: THC)
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| Amount: | $3,185,980
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| Maturity: | Feb. 27, 2017
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| Coupon: | 12% per year, payable quarterly if Tenet stock closes at or above coupon barrier price on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus the contingent coupon unless Tenet shares finish below the trigger price, in which case full exposure to losses
|
| Call: | At par plus the contingent coupon if the shares close at or above the initial price on any quarterly observation date
|
| Initial price: | $49.23
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| Barrier/trigger price: | $36.92, 75% of initial price
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| Pricing date: | Aug. 21
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| Settlement date: | Aug. 26
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| Agents: | Barclays and UBS Financial Services Inc.
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| Fees: | 1.5%
|
| Cusip: | 06743N199
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