By Toni Weeks
San Luis Obispo, Calif., April 16 - Barclays Bank plc priced $2.46 million of phoenix autocallable notes due April 30, 2014 linked to Bank of America Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 15.07% if Bank of America stock closes at or above the 80% trigger level on a quarterly observation date.
If the shares close at or above the initial price on any quarterly call date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Bank of America shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to losses.
Barclays is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Bank of America Corp. (Symbol: BAC)
|
| Amount: | $2,455,000
|
| Maturity: | April 30, 2014
|
| Contingent payment: | 15.07% annualized for each quarter that Bank of America stock closes at or above coupon barrier on quarterly determination date
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Bank of America stock finishes at or above trigger price; otherwise full exposure to losses
|
| Call: | At par plus contingent payment if Bank of America stock closes at or above initial share price on any quarterly determination date
|
| Initial share price: | $12.17
|
| Coupon barrier/trigger price: | $9.74, 80% of initial price
|
| Pricing date: | April 12
|
| Settlement date: | April 17
|
| Underwriter: | Barclays with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents
|
| Fees: | 1%
|
| Cusip: | 06741TSV0
|
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