Barclays to price phoenix autocallables linked to General Motors

By Angela McDaniels

Tacoma, Wash., Aug. 19 – Barclays Bank plc plans to price phoenix autocallable notes due Sept. 10, 2015 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 contingent coupon at the rate of 10.6% per year if GM shares close at or above the trigger price, 80% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.

If the stock closes 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 the shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.

Barclays is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.

The notes are expected to price Aug. 22 and settle Aug. 27.

The Cusip number is 06741UHX5.

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