By Angela McDaniels
Tacoma, Wash., Sept. 23 – Barclays Bank plc priced $1.98 million of phoenix autocallable notes due Oct. 5, 2016 linked to the common stock of Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 11.11% per year if Disney shares close at or above the barrier price, 80% of the initial share price, on the observation date for that month. Otherwise, no coupon will be paid 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 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.
Barclays is the underwriter with J.P. Morgan Securities LLC as agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Walt Disney Co. (Symbol: DIS)
|
| Amount: | $1,975,000
|
| Maturity: | Oct. 5, 2016
|
| Coupon: | 11.11%, payable quarterly if shares close at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Disney shares finish at or above barrier price; otherwise, full exposure to stock’s decline
|
| Call: | Automatically at par plus contingent coupon if Disney shares close at or above initial price on any quarterly observation date other than final one
|
| Initial share price: | $102.84
|
| Barrier price: | $82.27, 80% of initial share price
|
| Pricing date: | Sept. 18
|
| Settlement date: | Sept. 23
|
| Underwriter: | Barclays
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 06741UL77
|
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