By Angela McDaniels
Tacoma, Wash., March 31 - Barclays Bank plc priced $2.53 million of trigger phoenix autocallable optimization securities due March 29, 2019 linked to the common stock of AbbVie Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If AbbVie stock closes at or above the trigger price, 71.5% of the initial share price, on a monthly observation date, the issuer will pay a contingent coupon for that month at the rate of 7.5% per year. Otherwise, no coupon will be paid that month.
Beginning March 27, 2015, the notes will be called at par of $10 plus the contingent coupon if the shares close at or above the initial price on any monthly observation date.
If the notes are not called and AbbVie 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: | AbbVie Inc. (Symbol: ABBV)
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Amount: | $2,534,030
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Maturity: | March 29, 2019
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Coupon: | 7.5% 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 AbbVie shares finish at or above trigger price; otherwise, par plus stock return
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Call: | Automatically at par plus contingent coupon if AbbVie shares close at or above initial price on any monthly observation date
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Initial share price: | $51.66
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Trigger price: | $36.94, 71.5% of initial share price
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Pricing date: | March 27
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Settlement date: | March 31
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Underwriters: | UBS Financial Services Inc. and Barclays
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Fees: | 2.5%
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Cusip: | 06742B212
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