By Marisa Wong
Madison, Wis., Dec. 26 – Barclays Bank plc priced $7.26 million of phoenix autocallable notes due Jan. 6, 2016 linked to Chevron Corp. shares, according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13.85% if the stock closes at or above the coupon barrier, 80% of the initial share price, on the observation date for that quarter.
The notes will be called at par if Chevron shares close at or above the initial share price on any quarterly observation date beginning on April 2.
The payout at maturity will be par unless the stock finishes below the 80% trigger level, in which case investors will be fully exposed to any losses.
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: | Chevron Corp. (Symbol: CVX)
|
| Amount: | $7,256,000
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| Maturity: | Jan. 6, 2016
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| Coupon: | 13.85%, payable quarterly if stock closes at or above trigger price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Chevron shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | At par if Chevron shares close at or above initial share price on any quarterly observation date beginning on April 2
|
| Initial share price: | $112.93
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| Trigger price: | $90.34, 80% of initial price
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| Pricing date: | Dec. 19
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| Settlement date: | Dec. 24
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| Underwriter: | Barclays with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents
|
| Fees: | 1%
|
| Cusip: | 06741UNH3
|
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