By Susanna Moon
Chicago, April 23 - Barclays Bank plc priced $4.18 million of trigger phoenix autocallable optimization securities due April 25, 2018 linked to Cummins Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Cummins stock closes at or above the trigger price - 58.1% of the initial share price - on a monthly observation date, the notes will pay a contingent coupon at annualized rate of 8% for that month.
If the shares close at or above the initial price on any monthly observation date, the notes will be called at par of $10 plus the contingent coupon.
If the notes are not called and Cummins shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
UBS Financial Services Inc. and Barclays are the underwriters.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying stock: | Cummins Inc. (NYSE: CMI)
|
| Amount: | $4,184,420
|
| Maturity: | April 25, 2018
|
| Coupon: | 8% per year, payable monthly if stock closes at or above trigger price on observation date for that month
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par plus contingent coupon if Cummins shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | At par plus contingent coupon if Cummins shares close at or above initial price on any monthly observation date
|
| Initial share price: | $107.06
|
| Trigger price: | $62.20, 58.1% of initial share price
|
| Pricing date: | April 19
|
| Settlement date: | April 24
|
| Underwriters: | UBS Financial Services Inc. and Barclays
|
| Fees: | 2.5%
|
| Cusip: | 06742C384
|
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