Barclays plans to price phoenix autocallables linked to U.S. Steel

By Angela McDaniels

Tacoma, Wash., July 15 – Barclays Bank plc plans to price phoenix autocallable notes due July 25, 2017 linked to the common stock of United States Steel Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon at the rate of 15% per year if United States Steel stock closes at or above its barrier price, 50% of its initial share price, on the observation date for that month.

Beginning in October, the notes will be automatically called at par if United States Steel shares close at or above the initial share price on any monthly observation date other than the final one.

If the notes are not called and the final share price is greater than the barrier price, the payout will be par. Otherwise, investors will have one-to-one exposure to the stock’s decline or, at the issuer’s option, receive a number of United States Steel shares equal to $1,000 divided by the initial share price.

Barclays is the agent.

The notes will price July 21.

The Cusip number is 06741WBW9.

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