Barclays plans phoenix autocallables linked to three stocks

By Wendy Van Sickle

Columbus, Ohio, March 28 – Barclays Bank plc plans to price phoenix autocallable notes due March 31, 2020 linked to the least performing of the common stocks of Texas Instruments Inc., Fastenal Co. and American Express Co., according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon at the rate of 9% per year if each stock closes at or above its barrier level, 60% of its initial level, on the observation date for that month. Otherwise, no coupon will be paid for that month.

Beginning in June 2017, the notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call observation date.

If each stock finishes at or above its 60% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing stock.

Barclays is the agent.

The notes (Cusip: 06741VQ62) will price on March 29 and settle on March 31.

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