By Marisa Wong
Madison, Wis., Oct. 22 - Barclays Bank plc priced $328,000 of trigger phoenix autocallable optimization securities due Oct. 24, 2018 linked to Hess Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8% if Hess stock closes at or above the 74% trigger level on a monthly observation date.
The notes will be called at par of $10 plus the contingent coupon if the shares close at or above the initial price on any monthly observation date.
The payout at maturity will be par plus the contingent coupon unless Hess shares finish below the trigger level, in which case investors will be fully exposed to any losses.
UBS Financial Services Inc. and Barclays are the underwriters.
Issuer: | Barclays Bank plc
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Issue: | Trigger phoenix autocallable optimization securities
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Underlying stock: | Hess Corp. (Symbol: HES)
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Amount: | $328,000
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Maturity: | Oct. 24, 2018
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Coupon: | 8% per year payable monthly if Hess stock closes at or above trigger level on monthly observation date
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Price: | Par of $10
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Payout at maturity: | Par plus contingent coupon unless Hess shares finish below trigger level, in which case full exposure to any losses
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Call: | At par plus contingent coupon if shares close at or above initial price on any monthly observation date
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Initial price: | $84.06
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Trigger price: | $62.20, 74% of initial price
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Pricing date: | Oct. 18
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Settlement date: | Oct. 23
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Agents: | UBS Financial Services Inc. and Barclays
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Fees: | 2.5%
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Cusip: | 06742E752
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