Barclays to price phoenix autocallables linked to General Motors

By Angela McDaniels

Tacoma, Wash., May 1 - Barclays Bank plc plans to price phoenix autocallable notes due May 21, 2014 linked to the common stock of General Motors Co., according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a coupon at the rate of 13.85% per year if GM shares close at or above the barrier, 80% of the initial share price, on the observation date for that quarter.

The notes will be called at par plus the contingent coupon if GM shares close at or above the initial share price on any quarterly observation date.

If the notes are not called and the final share price is greater than or equal to the barrier, the payout at maturity will be par. If the final share price is less than the trigger price, investors will be fully exposed to the share price decline.

Barclays is the underwriter with J.P. Morgan Securities LLC as dealer.

The notes will price May 3 and settle May 8.

The Cusip number is 06741TUG0.

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