By Susanna Moon
Chicago, April 15 – Barclays Bank plc priced $1.42 million of phoenix autocallable notes due April 18, 2017 linked to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 20% if U.S. Steel shares close at or above the coupon barrier level, 50% of the initial share price, on the observation date for that month.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any observation date other than the final date.
The payout at maturity will be par plus the contingent coupon unless U.S. Steel shares finish below 50% barrier level, in which case investors will be fully exposed to any losses.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stock: | United States Steel Corp. (Symbol: X)
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| Amount: | $1,415,000
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| Maturity: | April 18, 2017
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| Coupon: | 20%, payable monthly if U.S. Steel shares close at or above initial price on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if shares finish at or above barrier price; otherwise, 52.57624 U.S. Steel shares
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| Call: | At par plus contingent coupon if U.S. Steel shares close at or above initial price on any observation date other than final date
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| Initial share price: | $19.02
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| Barrier level: | $9.51, 50% of initial share price
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| Pricing date: | April 13
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| Settlement date: | April 18
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| Agent: | Barclays
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| Fees: | 2.875%
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| Cusip: | 06741WBQ2
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