By Toni Weeks
San Luis Obispo, Calif., May 31 - Barclays Bank plc priced $5.25 million of trigger phoenix autocallable optimization securities due May 31, 2018 linked to the common stock of Carnival Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Carnival stock closes at or above the trigger price - 68.33% of the initial share price - on a monthly observation date, the issuer will pay a contingent coupon for that month at the rate of 8%. 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 Carnival 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.
UBS Financial Services Inc. and Barclays are the underwriters.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying stock: | Carnival Corp. (NYSE: CCL)
|
| Amount: | $5,249,070
|
| Maturity: | May 31, 2018
|
| Coupon: | 8%, payable monthly if stock closes at or above trigger price on observation date for that month
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par plus contingent coupon if Carnival shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | Automatically at par plus contingent coupon if Carnival shares close at or above initial price on a monthly observation date beginning June 2, 2014
|
| Initial share price: | $33.10
|
| Trigger price: | $22.62, 68.33% of initial price
|
| Pricing date: | May 29
|
| Settlement date: | May 31
|
| Underwriters: | UBS Financial Services Inc. and Barclays
|
| Fees: | 2.5%
|
| Cusip: | 06742D606
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
