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Barclays plans 11.5%-13.5% trigger phoenix autocallables on U.S. Steel
By Susanna Moon
Chicago, March 20 - Barclays Bank plc plans to price trigger phoenix autocallable optimization securities due Sept. 30, 2014 linked to United States Steel Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 11.5% to 13.5% if the price of U.S. Steel stock closes at or above the 65% trigger level on the observation date for that quarter.
If the stock closes at or above the initial price on any of quarterly observation date, the notes will be called at par of $10 plus the contingent coupon.
If the notes are not called and the U.S. Steel share price finishes at or above the trigger price, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be exposed to any losses.
UBS Financial Services Inc. and Barclays are the agents.
The notes will price on March 26 and settle on March 28.
The Cusip number is 06742C574.
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