Published on 7/23/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.2 million phoenix autocallables linked to Facebook
By Angela McDaniels
Tacoma, Wash., July 23 - Barclays Bank plc priced $1.2 million of phoenix autocallable notes due Aug. 6, 2014 linked to the common stock of Facebook, 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 11.4% per year if Facebook 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 Facebook shares close at or above the initial share price on any quarterly observation date.
If the notes are not called and Facebook 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: | Facebook, Inc. (Symbol: FB)
|
| Amount: | $1,197,000
|
| Maturity: | Aug. 6, 2014
|
| Coupon: | Notes will pay contingent coupon at rate of 11.4% per year if Facebook shares close at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If Facebook 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 Facebook shares close at or above initial price on Oct. 31, 2013, Jan. 31, 2014, May 2, 2014 or Aug. 1, 2014
|
| Initial share price: | $25.88
|
| Barrier price: | $18.12, 70% of initial share price
|
| Pricing date: | July 19
|
| Settlement date: | July 24
|
| Underwriter: | Barclays
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 06741TZD2
|
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