By Toni Weeks
San Luis Obispo, Calif., Aug. 6 - Barclays Bank plc priced $5.48 million of phoenix autocallable notes due Aug. 20, 2014 linked to Expedia, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Expedia stock closes at or above the 70% barrier level on a quarterly observation date, the notes will pay a contingent coupon at an annualized rate of 15.3% 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 Expedia shares finish at or above the 70% trigger price, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to losses.
Barclays is the underwriter. J.P. Morgan Securities LLC is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Expedia, Inc. (Symbol: EXPE)
|
| Amount: | $5,478,000
|
| Maturity: | Aug. 20, 2014
|
| Coupon: | 15.3% per year, payable quarterly if stock closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Expedia shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | At par plus contingent coupon if Expedia shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $48.17
|
| Barrier/trigger price: | $33.72, 70% of initial share price
|
| Pricing date: | Aug. 2
|
| Settlement date: | Aug. 7
|
| Underwriter: | Barclays
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 06741TA72
|
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