By Susanna Moon
Chicago, Sept. 25 - Barclays Bank plc priced $2.44 million of phoenix autocallable securities due Oct. 8, 2014 linked to Broadcom Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Broadcom stock closes at or above the barrier level, 80% of the initial share price, on a quarterly observation date, the notes will pay a contingent coupon at an annual rate of 15.5% 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 Broadcom shares finish at or above the 80% 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. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable securities
|
| Underlying stock: | Broadcom Corp. (Symbol: BRCM)
|
| Amount: | $2.44 million
|
| Maturity: | Oct. 8, 2014
|
| Coupon: | 15.5% per year, payable quarterly if stock closes at or above barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Broadcom shares finish at or above trigger level; otherwise, fully exposure to any losses
|
| Call: | At par plus contingent coupon if Broadcom shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $27.34
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| Barrier level: | $21.87, 80% of initial share price
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| Pricing date: | Sept. 20
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| Settlement date: | Sept. 25
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| Underwriter: | Barclays with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents
|
| Fees: | 1%
|
| Cusip: | 06741TN29
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