By Angela McDaniels
Tacoma, Wash., June 16 – Barclays Bank plc priced $3.31 million of phoenix autocallable notes due June 28, 2016 linked to the common stock of Whole Foods Market, 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 10.65% per year if Whole Foods shares close at or above the barrier price, 80% 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 with J.P. Morgan Securities LLC as agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Whole Foods Market, Inc. (Symbol: WFM)
|
| Amount: | $3,305,000
|
| Maturity: | June 28, 2016
|
| Coupon: | 10.65%, 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 Whole Foods shares finish at or above barrier price; otherwise, full exposure to share price decline
|
| Call: | Automatically at par plus contingent coupon if Whole Foods shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $40.37
|
| Barrier price: | $32.30, 80% of initial share price
|
| Pricing date: | June 12
|
| Settlement date: | June 17
|
| Underwriter: | Barclays
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 06741UYJ7
|
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