Barclays plans airbag phoenix autocallables linked to Charles Schwab

By Angela McDaniels

Tacoma, Wash., June 3 – Barclays Bank plc plans to price airbag phoenix autocallable optimization securities due Dec. 9, 2016 linked to the common stock of Charles Schwab Corp., according to an FWP filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon at the rate of Q% per year if Charles Schwab shares close at or above the coupon barrier, 80% of the initial share price, on the observation date for that month.

The notes will be automatically called at par if Charles Schwab shares close at or above the initial share price on any autocall observation date, which occur quarterly.

If the notes are not called and the final price of Charles Schwab shares is greater than or equal to the conversion price, 90% of the initial share price, the payout at maturity will be par. Otherwise, investors will receive a number of Charles Schwab shares equal to $1,000 divided by the conversion price.

UBS Financial Services Inc. and Barclays; are the agents.

The notes are expected to price June 5 and settle June 10.

The Cusip number is 06743P160.

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