By Marisa Wong
Madison, Wis., May 28 - Barclays Bank plc priced $1.47 million of phoenix autocallable notes due May 20, 2015 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Las Vegas Sands stock closes at or above the trigger price, 75% of the initial price, on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at a rate of 12.45% per year. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on a quarterly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Las Vegas Sands shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price.
Barclays is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Las Vegas Sands Corp. (Symbol: LVS)
|
| Amount: | $1,465,000
|
| Maturity: | May 20, 2015
|
| Coupon: | 12.45% per year; payable if Las Vegas Sands stock closes at or above trigger price on a quarterly observation date, otherwise, no coupon will be paid that quarter
|
| Price: | Par
|
| Payout at maturity: | If Las Vegas Sands shares finish at or above trigger price, par plus contingent coupon; otherwise, investors will be exposed to share price decline from initial price
|
| Call: | At par plus contingent coupon if shares close at or above initial price on a quarterly observation date
|
| Initial price: | $74.90
|
| Trigger price: | $56.18, 75% of initial price
|
| Pricing date: | May 23
|
| Settlement date: | May 29
|
| Underwriter: | Barclays with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents
|
| Fees: | 1%
|
| Cusip: | 06741UEB6
|
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