By Toni Weeks
San Diego, Jan. 10 - Barclays Bank plc priced $6.95 million of trigger phoenix autocallable optimization securities due Jan. 12, 2018 linked to the SPDR S&P Metals & Mining exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the share price closes at or above the trigger price - 64% of the initial share price - on any quarterly observation date, the issuer will pay a contingent coupon of 8% per year. Otherwise, no coupon will be paid for that quarter.
If the share price is greater than or equal to the initial price on any of the observation dates after one year, the notes will be called at par of $10 plus the contingent coupon.
If the notes are not called and the share price finishes at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to any share price decline.
UBS Financial Services Inc. and Barclays are the underwriters.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying ETF: | SPDR S&P Metals & Mining
|
| Amount: | $6,946,000
|
| Maturity: | Jan. 12, 2018
|
| Coupon: | 8% per year, payable quarterly if share price closes at or above trigger price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If notes are not called and shares finish at or above trigger price, par plus contingent coupon; otherwise, full exposure to decline in share price
|
| Initial price: | $45.89
|
| Trigger price: | $29.37, 64% of initial price
|
| Call option: | At par plus contingent coupon if share price at or above initial price on any quarterly observation date beginning Jan. 13, 2014
|
| Pricing date: | Jan. 8
|
| Settlement date: | Jan. 11
|
| Underwriters: | UBS Financial Services Inc. and Barclays
|
| Fees: | 2.5%
|
| Cusip: | 06742A198
|
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