By Susanna Moon
Chicago, July 25 - Barclays Bank plc priced $2 million of phoenix autocallable notes due Aug. 11, 2014 linked to J.C. Penney Co., Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 11.25% if J.C. Penney shares close at or above the 50% barrier level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if J.C. Penney shares close at or above the initial share price on any quarterly observation date.
If the notes are not called and J.C. Penney 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 any losses.
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: | J.C. Penney Co., Inc. (Symbol: JCP)
|
| Amount: | $2 million
|
| Maturity: | Aug. 11, 2014
|
| Coupon: | 11.25% annualized for each quarter that J.C. Penney shares close at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If J.C. Penney 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 J.C. Penney shares close at or above initial price on quarterly review date
|
| Initial share price: | $16.13
|
| Barrier price: | $8.07, 50% of initial share price
|
| Pricing date: | July 23
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| Settlement date: | July 26
|
| Underwriter: | Barclays
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 06741TZS9
|
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