By Jennifer Chiou
New York, March 18 – Barclays Bank plc priced $1,616,500 of trigger phoenix autocallable optimization securities due March 19, 2020 linked to the common stock of MetLife, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If MetLife stock closes at or above the trigger price – 73% 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%. Otherwise, no coupon will be paid that month.
If the shares close at or above the initial price on a monthly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and MetLife 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.
Barclays and UBS Financial Services Inc. are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger phoenix autocallable optimization securities
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Underlying stock: | MetLife, Inc. (NYSE: MET)
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Amount: | $1,616,500
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Maturity: | March 19, 2020
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Coupon: | 7%, payable monthly if stock closes at or above trigger price on observation date for that month
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Price: | Par of $10
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Payout at maturity: | Par plus contingent coupon if MetLife shares finish at or above trigger price; otherwise, par plus stock return
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Call: | Automatically at par plus contingent coupon if MetLife shares close at or above initial price on a monthly observation date
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Initial share price: | $51.35
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Trigger price: | $37.49, 73% of initial price
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Pricing date: | March 13
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Settlement date: | March 18
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Agents: | Barclays and UBS Financial Services Inc.
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Fees: | 2.5%
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Cusip: | 06740D285
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