By Jennifer Chiou
New York, Nov. 19 - Barclays Bank plc priced $925,000 of phoenix autocallable notes due Dec. 3, 2014 linked to Cummins Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Cummins stock closes at or above the barrier level, 80% of the initial share price, on a quarterly observation date, the notes will pay a contingent coupon at an annual rate of 12% for that quarter.
If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Cummins shares finish at or above the 80% 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. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Cummins Inc. (Symbol: CMI)
|
| Amount: | $925,000
|
| Maturity: | Dec. 3, 2014
|
| Coupon: | 12% per year, payable quarterly if stock closes at or above barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Cummins shares finish at or above trigger level; otherwise, full exposure to any losses
|
| Call: | At par plus contingent coupon if Cummins shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $132.04
|
| Barrier level: | $105.63, 80% of initial share price
|
| Pricing date: | Nov. 15
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| Settlement date: | Nov. 20
|
| Underwriter: | Barclays with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents
|
| Fees: | 1%
|
| Cusip: | 06741TY50
|
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