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Barclays to price phoenix autocallable notes linked to Expedia
By Angela McDaniels
Tacoma, Wash., July 30 - Barclays Bank plc plans to price phoenix autocallable notes due Aug. 20, 2014 linked to the common stock of Expedia, Inc., according to an FWP filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 15.3% per year if Expedia shares close at or above the barrier price on the observation date for that quarter. Otherwise, no interest will be paid that quarter. The barrier price will be 70% of the initial share price.
The notes will be called at par plus the contingent coupon if Expedia shares close at or above the initial share price on any quarterly observation date.
If the notes are not called and Expedia shares finish at or above the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the decline in the share price.
Barclays is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as agents.
The notes are expected to price Aug. 2 and settle Aug. 7.
The Cusip number is 06741TA72.
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