Barclays plans to price phoenix autocallable notes linked to PayPal

By Marisa Wong

Morgantown, W.Va., April 19 – Barclays Bank plc plans to price phoenix autocallable notes due May 4, 2017 linked to PayPal Holdings, Inc. 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 9% to 11% if PayPal shares close at or above the coupon barrier price, 70% of the initial share price, on the observation date 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 observation date other than the final date.

The payout at maturity will be par plus the contingent coupon unless PayPal shares finish below the 70% barrier level. If the stock finishes below the barrier level, investors will receive a cash payment equal to par plus the stock return or, at the issuer’s option, a number of PayPal shares equal to $1,000 divided by the initial price.

Barclays is the agent.

The notes will price on April 29.

The Cusip number is 06741WBR0.

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