By Angela McDaniels
Tacoma, Wash., May 13 - Barclays Bank plc priced $1.35 million of 0% phoenix autocallable notes due May 14, 2015 linked to the common stock of Sears Holding Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 16% per year if Sears shares close at or above the trigger price, 50% of the initial share price, on the observation date for that month. Otherwise, no coupon will be paid for that month.
Beginning July 9, the notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any monthly observation date.
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.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Sears Holding Corp. (Symbol: SHLD)
|
| Amount: | $1,352,000
|
| Maturity: | May 14, 2015
|
| Coupon: | 16%, payable monthly if stock closes at or above trigger price on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Sears shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | Automatically at par plus contingent coupon if Sears shares close at or above initial price on any monthly observation date from July 9 onward
|
| Initial share price: | $41.74
|
| Trigger price: | $20.87, 50% of initial price
|
| Pricing date: | May 9
|
| Settlement date: | May 14
|
| Underwriter: | Barclays
|
| Fees: | 1.25%
|
| Cusip: | 06741J7R4
|
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