By Wendy Van Sickle
Columbus, Ohio, May 31 – Barclays Bank plc priced $4.8 million of phoenix autocallable notes due May 28, 2027 linked to the least performing of the common stocks of General Electric Co. and International Business Machines Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 8% per year if each stock closes at or above its barrier price, 60% of its initial price, on the related quarterly observation date.
Beginning in November 2017, he notes will be called at par if each stock closes at or above its initial level on any quarterly determination date other than the final one.
The payout at maturity will be par unless either stock finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | General Electric Co. and International Business Machines Corp.
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| Amount: | $4.8 million
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| Maturity: | May 28, 2027
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| Coupon: | 8%, payable quarterly if each stock closes at or above its barrier price on related quarterly observation date
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless either stock finishes below its barrier price, in which case investors will lose 1% for each 1% decline of worst performer
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| Call: | Beginning in November 2017, at par if each stock closes at or above its initial level on any quarterly determination date other than the final one
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| Initial prices: | $27.49 for GE, $153.20 for IBM
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| Barrier prices: | $16.49 for GE, $91.92 for IBM; 60% of initial prices
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Agent: | Barclays
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| Fees: | 2.85%
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| Cusip: | 06741VWJ7
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