By Marisa Wong
Madison, Wis., May 7 - Barclays Bank plc priced $1.44 million of phoenix autocallable notes due May 21, 2014 linked to General Motors Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If General Motors stock closes at or above the 80% barrier level on a quarterly observation date, the notes will pay a contingent coupon at annualized rate of 13.85% 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 of $10 plus the contingent coupon.
If the notes are not called and General Motors shares finish at or above the 80% trigger price, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
Barclays is the underwriter with JPMorgan as placement agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | General Motors Co. (NYSE: GM)
|
| Amount: | $1,435,000
|
| Maturity: | May 21, 2014
|
| Coupon: | 13.85% 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 General Motors shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | At par plus contingent coupon if General Motors shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $32.10
|
| Barrier/trigger price: | $25.68, 80% of initial share price
|
| Pricing date: | May 3
|
| Settlement date: | May 8
|
| Underwriter: | Barclays with JPMorgan as placement agent
|
| Fees: | 1%
|
| Cusip: | 06741TUG0
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
