By Angela McDaniels
Tacoma, Wash., July 31 - Barclays Bank plc priced $416,700 of trigger phoenix autocallable optimization securities due July 31, 2018 linked to the common stock of Foot Locker, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Foot Locker stock closes at or above the trigger price - 70.25% 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% per year. Otherwise, no coupon will be paid that month.
Beginning Aug. 1, 2014, 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 monthly observation date.
If the notes are not called and Foot Locker 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
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Issue: | Trigger phoenix autocallable optimization securities
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Underlying stock: | Foot Locker, Inc. (NYSE: FL)
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Amount: | $416,700
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Maturity: | July 31, 2018
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Coupon: | 8% per year, payable monthly if stock closes at or above trigger price on observation date for that month
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Price: | Par of $10.00
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Payout at maturity: | Par plus contingent coupon if Foot Locker shares finish at or above trigger price; otherwise, par plus stock return
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Call: | Automatically at par plus contingent coupon if Foot Locker shares close at or above initial price on a monthly observation date from Aug. 1, 2014 onward
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Initial share price: | $36.33
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Trigger price: | $25.52, 70.25% of initial share price
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Pricing date: | July 29
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Settlement date: | July 31
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Underwriters: | UBS Financial Services Inc. and Barclays
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Fees: | 2.5%
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Cusip: | 06742D465
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