Published on 2/25/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.96 million callable contingent coupon notes linked to Phillips 66
By Susanna Moon
Chicago, Feb. 25 – Barclays Bank plc priced $3.96 million of callable contingent coupon notes due Feb. 24, 2017 linked to Phillips 66 shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.1% if Phillips 66 shares close above the 65% barrier level on the valuation date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date.
The payout at maturity will be par unless the stock finishes below the 65% barrier level, in which case investors will receive a number of Phillips 66 shares equal to $1,000 divided by the initial price or, at the issuer’s option, the cash equivalent.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying stock: | Phillips 66 (Symbol: PSX)
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Amount: | $3,957,000
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Maturity: | Feb. 24, 2017
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Coupon: | 7.1% per year, payable quarterly, if stock closes at or above barrier level on quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless stock finishes below barrier level, in which case 12.92992 Phillips 66 shares
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Call option: | At par plus contingent coupon on any interest payment date
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Initial price: | $77.34
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Barrier level: | $50.27, 65% of initial price
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Pricing date: | Feb. 20
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Settlement date: | Feb. 25
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Agent: | Barclays
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Fees: | 1.75%
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Cusip: | 06741JZ69
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