Barclays plans to sell phoenix autocallable optimization notes on S&P

By Devika Patel

Knoxville, Tenn., March 3 – Barclays Bank plc plans to price trigger phoenix autocallable optimization securities due March 21, 2019 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index closes at or above the barrier price, 70% of the initial level, on a semiannual observation date, the issuer will pay a contingent coupon for that period at the rate of 8% to 8.75% per year. Otherwise, no coupon will be paid that period. The exact interest rate will be set at pricing.

The notes will be called at par of $10 plus the contingent coupon if the index closes at or above the initial level on a semiannual observation date.

If the notes are not called and the index finishes at or above the 70% trigger level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to any losses.

UBS Financial Services Inc. and Barclays are the agents.

The notes (Cusip: 06744K855) will price March 18 and settle March 23.

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