By Susanna Moon
Chicago, March 10 – Barclays Bank plc priced $2.25 million of phoenix autocallable notes due March 30, 2016 linked to MGM Resorts International shares, according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 14.7% 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 MGM Resorts shares close at or above the initial share price on any quarterly observation date.
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
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| Issue: | Phoenix autocallable notes
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| Underlying stock: | MGM Resorts International (Symbol: MGM)
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| Amount: | $2,252,000
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| Maturity: | March 30, 2016
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| Coupon: | 14.7%, payable quarterly if stock closes at or above trigger price on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if MGM Resorts shares finish at or above trigger price; otherwise, par plus stock return
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| Call: | At par if MGM Resorts shares close at or above initial share price on any quarterly observation date
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| Initial share price: | $21.62
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| Trigger price: | $17.30, 80% of initial price
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| Pricing date: | March 6
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| Settlement date: | March 11
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| Underwriter: | Barclays with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents
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| Fees: | 1%
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| Cusip: | 06741USH8
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