By Toni Weeks
San Luis Obispo, Calif., April 9 – Barclays Bank plc priced $1.13 million of 0% phoenix autocallable notes due April 22, 2016 linked to the common stock of Delta Air Lines, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 15% per year if Delta Air Lines shares close at or above the barrier price, 75% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial price on any quarterly observation date.
If the notes are not called and the shares finish at or above the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
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: | Delta Air Lines, Inc. (Symbol: DAL)
|
| Amount: | $1,125,000
|
| Maturity: | April 22, 2016
|
| Coupon: | 15%, payable quarterly if shares close at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Delta Air Lines shares finish at or above barrier price; otherwise, par plus share return
|
| Call: | Automatically at par plus contingent coupon if Delta Air Lines shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $41.64
|
| Barrier price: | $31.23, 75% of initial share price
|
| Final share price: | Average of closing share prices on five trading days ending April 19, 2016
|
| Pricing date: | April 7
|
| Settlement date: | April 10
|
| Underwriter: | Barclays
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA (placement)
|
| Fees: | 1%
|
| Cusip: | 06741UUC6
|
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