Barclays to price phoenix autocallables due 2022 tied to four stocks

By Sarah Lizee

Olympia, Wash., Oct. 17 – Barclays Bank plc plans to price phoenix autocallable notes due Oct. 24, 2022 linked to the least performing of the common stock of Bank of America Corp., Facebook, Inc., Merck & Co., Inc. and Micron Technology, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annual rate of 14.5% if each stock closes at or above its 60% coupon barrier on the observation date for that period.

The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly observation date prior to maturity.

The payout at maturity will be par unless any stock finishes below its 80% barrier, in which case investors will lose 1% for each 1% decline of the worst-performing stock beyond 20%.

Barclays is the agent.

The notes will price on Oct. 19 and settle on Oct. 24.

The Cusip number is 06746XUX9.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.