Barclays plans trigger phoenix autocallable notes linked to Valero

By Jennifer Chiou

New York, Nov. 7 - Barclays Bank plc plans to price trigger phoenix autocallable optimization securities due Nov. 15, 2013 linked to the common stock of Valero Energy Corp., according to an FWP with the Securities and Exchange Commission.

If Valero stock closes at or above the trigger price - 70% of the initial share price - on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 11% to 13.5% per year.

The notes will be called at par of $10 plus the contingent coupon if the shares close at or above the initial price on a quarterly observation date.

If the notes are not called and Valero shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon.

Otherwise, investors will be fully exposed to any losses.

The notes (Cusip: 06742A537) are expected to price on Nov. 9 and settle on Nov. 15.

UBS Financial Services Inc. and Barclays are the underwriters.

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