By Jennifer Chiou
New York, April 21 - Barclays Bank plc priced $1.77 million of phoenix autocallable notes due May 6, 2015 linked to Gilead Sciences, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Gilead 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 16.8% 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 Gilead 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 losses.
The final price will be the average of the closing share prices on five trading days ending May 1, 2015.
Barclays is the underwriter. J.P Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Gilead Sciences, Inc. (Nasdaq: GILD)
|
| Amount: | $1.77 million
|
| Maturity: | May 6, 2015
|
| Coupon: | 16.8% 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 Gilead shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | At par plus contingent coupon if Gilead shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $70.00
|
| Barrier/trigger price: | $56.00, 80% of initial share price
|
| Pricing date: | April 17
|
| Settlement date: | April 23
|
| Underwriter: | Barclays
|
| Agents: | J.P Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 06741UCK8
|
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