By Wendy Van Sickle
Columbus, Ohio, May 24 – Barclays Bank plc priced $3.65 million of trigger autocallable contingent yield notes due May 25, 2018 linked to the SPDR S&P 500 exchange traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund closes at or above its barrier – 80% of the initial share price – on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 7%. Otherwise, no coupon will be paid that quarter.
If the fund closes 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 the fund finishes at or above the barrier, 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 agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying fund: | SPDR S&P 500 ETF
|
| Amount: | $3,648,000
|
| Maturity: | May 5, 2018
|
| Coupon: | 7%, payable quarterly if the ETF closes at or above barrier on observation date
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless either fund finishes below downside barrier, in which case full exposure to losses
|
| Call: | Automatically at par plus contingent coupon if ETF closes at or above initial level on any quarterly observation date
|
| Initial level: | $205.49
|
| Barrier levels: | $164.39, 80% of initial level
|
| Pricing date: | May 20
|
| Settlement date: | May 25
|
| Agents: | UBS Financial Services Inc. and Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06744K376
|
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