By Toni Weeks
San Luis Obispo, Calif., July 14 – Barclays Bank plc priced $844,000 of phoenix autocallable notes due July 27, 2016 linked to the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the issuer will pay a contingent coupon at the rate of 9.85% per year if General Motors shares close at or above the barrier price, 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 the stock closes at or above the initial share price on any quarterly observation date.
If the notes are not called and the shares finish at or above the barrier 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.
The final stock price is the closing share prices on the five trading days ending July 22, 2016.
Barclays is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | General Motors Co. (Symbol: GM)
|
| Amount: | $844,000
|
| Maturity: | July 27, 2016
|
| Coupon: | Each quarter, notes will pay contingent coupon at rate of 9.85% per year if General Motors shares close at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If shares finish at or above barrier price, par plus contingent coupon; otherwise, 1% loss for every 1% that final share price is less than initial share price
|
| Call: | Automatically at par plus contingent coupon if stock closes at or above initial share price on any quarterly observation date
|
| Initial share price: | $31.40
|
| Barrier price: | $25.12, 80% of initial share price
|
| Pricing date: | July 10
|
| Settlement date: | July 15
|
| Underwriter: | Barclays
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 06741UZY3
|
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