By Marisa Wong
Madison, Wis., April 22 – Barclays Bank plc priced $1.93 million of phoenix autocallable securities due April 21, 2016 linked to the common stock of Tesoro Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Tesoro stock closes at or above the barrier level, 65% of the initial share price, on a monthly observation date, the notes will pay a contingent coupon at an annualized rate of 12% for that month.
If the shares close at or above the initial price on any monthly observation date beginning June 17, the notes will be called at par plus the contingent coupon.
If the notes are not called and Tesoro shares finish at or above the barrier level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the share price decline.
Barclays is the underwriter. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Tesoro Corp. (Symbol: TSO)
|
| Amount: | $1,925,000
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| Maturity: | April 21, 2016
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| Coupon: | 12%, payable monthly if shares close at or above barrier price on observation date for that month
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if Tesoro shares finish at or above barrier price; otherwise, par plus share return
|
| Call: | Automatically at par plus contingent coupon if Tesoro shares close at or above initial price on any monthly observation date beginning June 17
|
| Initial share price: | $84.79
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| Barrier price: | $55.11, 65% of initial share price
|
| Pricing date: | April 17
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| Settlement date: | April 22
|
| Underwriter: | Barclays
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA (placement)
|
| Fees: | 1.25%
|
| Cusip: | 06741WAQ3
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