By Toni Weeks
San Luis Obispo, Calif., May 14 - Barclays Bank plc priced $3.68 million of phoenix autocallable notes due May 29, 2014 linked to Occidental Petroleum Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Occidental stock closes at or above the 80% barrier level on a quarterly observation date, the notes will pay a contingent coupon at an annualized rate of 12.5% 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 Occidental shares finish at or above the 80% trigger 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 with JPMorgan as placement agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Occidental Petroleum Corp. (Symbol: OXY)
|
| Amount: | $3,682,000
|
| Maturity: | May 29, 2014
|
| Coupon: | 12.5% per year, payable quarterly if stock closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Occidental shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | At par plus contingent coupon if Occidental shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $89.17
|
| Barrier/trigger price: | $71.34, 80% of initial share price
|
| Pricing date: | May 10
|
| Settlement date: | May 15
|
| Underwriter: | Barclays with JPMorgan as placement agent
|
| Fees: | 1%
|
| Cusip: | 06741TVA2
|
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