Barclays to price trigger phoenix autocallables linked to Schlumberger

By Marisa Wong

Madison, Wis., April 25 - Barclays Bank plc plans to price trigger phoenix autocallable optimization securities due April 30, 2018 linked to the common stock of Schlumberger NV, according to an FWP filing with the Securities and Exchange Commission.

If Schlumberger stock closes at or above the coupon barrier - 70% to 74% of the initial share price - on a monthly observation date, the issuer will pay a contingent coupon for that month at an annualized rate of 7.5%. Otherwise, no coupon will be paid that month.

If the shares close at or above the initial price on a monthly observation date after one year, the notes will be called at par plus the contingent coupon.

If the notes are not called and Schlumberger shares finish at or above the 70% to 74% 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.

The exact coupon barrier and trigger price will be set at pricing.

The notes (Cusip: 06742C327) are expected to price April 26 and settle April 30.

UBS Financial Services Inc. and Barclays are the underwriters.

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