New Issue: Barclays prices $1 million autocallable reverse convertibles on Verizon

By Marisa Wong

Morgantown, W.Va., Feb. 5 – Barclays Bank plc priced $1 million of 6% autocallable single observation reverse convertible notes due Feb. 7, 2017 linked to the common stock of Verizon Communications, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par if Verizon stock closes at or above the initial share price on any quarterly review date.

If the notes are not called, the payout at maturity will be par unless the final share price is less than the barrier price, 85% of the initial share price, in which case investors will lose 1% for every 1% that the final share price is less than the initial share price or, at the issuer’s option, receive a number of Verizon shares equal to $1,000 divided by the initial share price.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Autocallable single observation reverse convertible notes
Underlying stock:	Verizon Communications, Inc. (Symbol: VZ)
Amount:	$1 million
Maturity:	Feb. 7, 2017
Coupon:	6%, payable monthly
Price:	Par
Payout at maturity:	Par unless final share price is less than barrier price, which case 1% loss for every 1% that final share price is less than initial share price or, at issuer’s option, 19.70055 Verizon shares
Call:	At par if stock closes at or above initial share price on any quarterly observation date
Initial share price:	$50.76 (closing share price on Feb. 1)
Barrier price:	$43.15, 85% of initial share price
Pricing date:	Feb. 2
Settlement date:	Feb. 9
Agent:	Barclays
Fees:	0.75%
Cusip:	06741WBK5

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