By Toni Weeks
San Luis Obispo, Calif., May 5 – Barclays Bank plc priced $1.58 million phoenix autocallable notes due May 18, 2016 linked to the common stock of Valeant Pharmaceuticals International, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Valeant stock closes at or above the barrier level, 70% of the initial share price, on a quarterly observation date, the notes will pay a contingent coupon at an annualized rate of 16.1% for that quarter.
If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Valeant shares finish at or above the 70% trigger level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the share price decline.
The final share price will be the average of the closing prices of the stock on the five trading days ending May 13, 2016.
Barclays is the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Valeant Pharmaceuticals International, Inc. (Symbol: VRX)
|
| Amount: | $1,578,000
|
| Maturity: | May 18, 2016
|
| Coupon: | 16.1% annualized for each quarter that stock closes at or above coupon barrier level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above trigger level, par plus coupon; otherwise, full exposure to losses
|
| Call: | At par if stock closes at or above its initial level on any quarterly observation date
|
| Initial level: | $223.02
|
| Barrier/trigger level: | $156.11, 70% of initial level
|
| Pricing date: | May 1
|
| Settlement date: | May 6
|
| Underwriter: | Barclays
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 06741UVF8
|
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