By Jennifer Chiou
New York, Dec. 9 - Barclays Bank plc priced $1,265,000 of phoenix autocallable notes due Dec. 10, 2014 linked to Sears Holdings Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Sears Holdings stock closes at or above the barrier level, 50% of the initial share price, on a monthly observation date, the notes will pay a contingent coupon at an annual rate of 15% for that month.
If the shares close at or above the initial price on any monthly observation date beginning on Feb. 5, 2014, the notes will be called at par plus the contingent coupon.
If the notes are not called and Sears Holdings shares finish at or above the 50% barrier price, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Sears Holdings Corp. (Symbol: SHLD)
|
| Amount: | $1,265,000
|
| Maturity: | Dec. 10, 2014
|
| Coupon: | 15% per year, payable monthly if stock closes at or above barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Sears Holdings shares finish at or above barrier level; otherwise, full exposure to any losses
|
| Call: | At par plus contingent coupon if Sears Holdings shares close at or above initial price on any monthly observation date beginning on Feb. 5, 2014
|
| Initial share price: | $51.05
|
| Barrier level: | $25.53, 50% of initial share price
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 10
|
| Underwriter: | Barclays
|
| Fees: | 1.25%
|
| Cusip: | 06741J5P0
|
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