Published on 6/11/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.26 million phoenix autocallables linked to HCA
By Jennifer Chiou
New York, June 11 - Barclays Bank plc priced $2,255,000 of phoenix autocallable notes due June 25, 2014 linked to the common stock of HCA Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10% per year if HCA shares close at or above the barrier price on the observation date for that quarter. Otherwise, no interest will be paid that quarter. The barrier price is 70% of the initial share price.
The notes will be called at par plus the contingent coupon if HCA shares close at or above the initial share price on any quarterly observation date.
If the notes are not called and HCA shares finish at or above the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the decline in the share price.
Barclays is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | HCA Holdings, Inc. (NYSE: HCA)
|
| Amount: | $2,255,000
|
| Maturity: | June 25, 2014
|
| Coupon: | Notes will pay contingent coupon at rate of 10% per year if HCA shares close at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If HCA shares finish at or above barrier price, par plus contingent coupon; otherwise, full exposure to decline in share price
|
| Call: | At par plus contingent coupon if HCA shares close at or above initial price on Sept. 19, Dec. 19, 2013, March 20, 2014 or June 20, 2014
|
| Initial share price: | $39.60
|
| Barrier price: | $27.72, 70% of initial share price
|
| Pricing date: | June 7
|
| Settlement date: | June 12
|
| Underwriter: | Barclays
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 06741TXC6
|
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