Barclays plans to price phoenix autocallables linked to Valeant

By Angela McDaniels

Tacoma, Wash., Sept. 16 – Barclays Bank plc plans to price phoenix autocallable securities due Oct. 5, 2016 linked to the common stock of Valeant Pharmaceuticals International, Inc., according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 15.55% per year if Valeant shares close at or above the barrier price, 60% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.

The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any quarterly observation date.

If the notes are not called and the shares finish at or above the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.

Barclays is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as agents.

The notes are expected to price Sept. 18 and settle Sept. 23.

The Cusip number is 06741UL44.

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