Barclays plans phoenix autocallables tied to Hershey, Kroger, Reynolds

By Angela McDaniels

Tacoma, Wash., March 7 – Barclays Bank plc plans to price phoenix autocallable notes due April 1, 2020 linked to the least performing of the common stocks of Hershey Co., Kroger Co. and Reynolds American Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 8% per year if each stock closes at or above its coupon barrier level, 60% of its initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.

Beginning in March 2017, the notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly observation date other than the final one.

The payout at maturity will be par if the least-performing stock finishes at or above its barrier level, 60% of its initial share price. Otherwise, investors will be fully exposed to the decline of the least-performing stock.

Barclays is the agent.

The notes will price March 28.

The Cusip number is 06741U6J8.

© 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.