New Issue: Barclays prices $3.62 million phoenix autocallables on three stocks

By Sarah Lizee

Olympia, Wash., April 12 – Barclays Bank plc priced $3.62 million of phoenix autocallable notes due April 15, 2021 linked to the least performing of the common stocks of Kellogg Co., Campbell Soup Co. and Northrop Grumman Corp., 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 10.15% if each stock closes at or above its 60% coupon barrier on the observation date for that period.

Starting after six months, 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 plus any coupon unless any stock finishes below its 60% barrier, in which case investors will be fully exposed to the decline of the worst performing stock.

If the final value is below the barrier value, the payout will either be in cash or, at the election of the issuer, a number of shares of the least performing stock equal to the price of the notes divided by the initial value plus cash equal to the fractional share amount.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Phoenix autocallable notes
Underlying stocks:	Kellogg Co., Campbell Soup Co. and Northrop Grumman Corp.
Amount:	$3,616,000
Maturity:	April 15, 2021
Coupon:	10.15%, payable quarterly if each asset closes at or above coupon barrier on related observation date
Price:	Par
Payout at maturity:	Par plus contingent coupon unless least-performing asset finishes below barrier level, in which case 1% loss for each 1% decline of least-performing asset payable in shares or cash
Call:	Starting after six months, 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
Initial levels:	$57.55 for Kellogg, $39.13 for Campbell, $270.53 for Northrop
Coupon barriers:	$34.53 for Kellogg, $23.48 for Campbell, $162.32 for Northrop, 60% of initial values
Barrier levels:	$34.53 for Kellogg, $23.48 for Campbell, $162.32 for Northrop, 60% of initial values
Pricing date:	April 10
Settlement date:	April 15
Agents:	Barclays
Fees:	3%
Cusip:	06741WEX4

© 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.