Barclays plans phoenix autocallable notes linked to Gilead Sciences

By Jennifer Chiou

New York, Feb. 26 - Barclays Bank plc plans to price phoenix autocallable notes due March 18, 2015 linked to Gilead Sciences, Inc. shares, according to an FWP with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 17.05% if Gilead Sciences stock closes 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 shares close at or above the initial price on any quarterly observation date.

If the notes are not called and Gilead Sciences shares finish at or above the 80% barrier level, the payout at maturity will be par plus the contingent coupon.

Otherwise, investors will be fully exposed to any losses.

The notes (Cusip: 06741T6Q5) are expected to price on Feb. 28 and settle on March 5.

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

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