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Barclays plans phoenix autocallable notes linked to Gilead Sciences
By Angela McDaniels
Tacoma, Wash., Dec. 10 - Barclays Bank plc plans to price phoenix autocallable notes due Dec. 30, 2014 linked to the common stock of Gilead Sciences, Inc., according to an FWP filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 13.65% if Gilead Sciences stock closes at or above the barrier price, 75% of the initial share price, on the observation date 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 Gilead Sciences 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 JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
The notes will price Dec. 13 and settle Dec. 18.
The Cusip number is 06741T3G0.
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