By Marisa Wong
Madison, Wis., July 21 – Barclays Bank plc priced $3.23 million of trigger phoenix autocallable optimization securities due July 23, 2020 linked to Verizon Communications Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Verizon stock closes at or above the coupon barrier level – 82.75% of the initial price – on any monthly observation date, the notes will pay a contingent coupon at an annualized rate of 7.5% for that month.
If the shares close at or above the initial price on any monthly observation date after one year, the notes will be called at par plus the contingent coupon.
If the notes are not called and Verizon shares finish at or above the 82.75% trigger price, 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
|
| Issue: | Trigger phoenix autocallable notes
|
| Underlying stock: | Verizon Communications Inc. (Symbol: VZ)
|
| Amount: | $3,226,800
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| Maturity: | July 23, 2020
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| Coupon: | 7.5% per year, payable monthly if stock closes at or above its barrier level on any monthly observation date
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above its trigger level, par plus the final contingent coupon; otherwise, full exposure to any losses
|
| Call: | At par if shares close at or above the initial price on any monthly observation date after one year
|
| Initial price: | $47.59
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| Barrier/trigger price: | $39.38, 82.75% of initial price
|
| Pricing date: | July 17
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| Settlement date: | July 22
|
| Agents: | UBS Financial Services Inc. and Barclays
|
| Fees: | 2.5%
|
| Cusip: | 06743N298
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