Barclays to price phoenix autocallables linked to Las Vegas Sands

By Marisa Wong

Madison, Wis., May 22 - Barclays Bank plc plans to price phoenix autocallable notes due May 20, 2015 linked to the common stock of Las Vegas Sands Corp., according to an FWP filing with the Securities and Exchange Commission.

If Las Vegas Sands stock closes at or above the trigger price, 75% of the initial price, on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at a rate of 12.45% per year. Otherwise, no coupon will be paid that quarter.

If the shares close at or above the initial price on a quarterly observation date, the notes will be called at par plus the contingent coupon.

If the notes are not called and Las Vegas Sands shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial 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 May 23 and settle May 29.

The Cusip number is 06741UEB6.

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