By Jennifer Chiou
New York, March 24 – Barclays Bank plc priced $1,991,000 of trigger phoenix autocallable optimization securities due Sept. 26, 2016 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Bank of America stock closes at or above the trigger price – 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 7.85%. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on a quarterly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Bank of America shares finish at or above the 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.
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: | Bank of America Corp. (Symbol: BAC)
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| Amount: | $1,991,000
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| Maturity: | Sept. 26, 2016
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| Coupon: | 7.85%, payable quarterly if stock closes at or above trigger price on observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par plus contingent coupon if Bank of America shares finish at or above trigger price; otherwise, par plus stock return
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| Call: | Automatically at par plus contingent coupon if Bank of America shares close at or above initial price on a quarterly observation date
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| Initial share price: | $15.84
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| Trigger price: | $12.67, 80% of initial price
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| Pricing date: | March 20
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| Settlement date: | March 25
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| Agents: | Barclays and UBS Financial Services Inc.
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| Fees: | 1.5%
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| Cusip: | 06740D228
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