Barclays plans phoenix autocallables linked to Valeant Pharmaceuticals

By Marisa Wong

Madison, Wis., April 30 – Barclays Bank plc plans to price phoenix autocallable securities due May 18, 2016 linked to the common stock of Valeant Pharmaceuticals International, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If Valeant stock closes at or above the barrier level, 70% of the initial share price, on a quarterly observation date, the notes will pay a contingent coupon at an annualized rate of 16.1% for that quarter.

If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.

If the notes are not called and Valeant shares finish at or above the 70% trigger 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 with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.

The notes are expected to price May 1 and settle May 6.

The Cusip number is 06741UVF8.

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