By Susanna Moon
Chicago, May 21 – Barclays Bank plc priced $847,000 of phoenix autocallable notes due July 20, 2016 linked to Bank of America Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.77% if Bank of America shares close at or above the barrier level, 85% of the initial share price, on the observation date 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.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the 85% barrier level, in which case investors will be fully exposed to any losses.
Barclays is the underwriter with J.P. Morgan Securities LLC as agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stock: | Bank of America Corp. (Symbol: BAC)
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| Amount: | $847,000
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| Maturity: | July 20, 2016
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| Coupon: | 10.77%, payable quarterly if shares close at or above barrier 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 Bank of America shares finish at or above barrier price; otherwise, full exposure to any losses
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| Call: | At par plus contingent coupon if Bank of America shares close at or above initial price on any quarterly observation date
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| Initial share price: | $17.03
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| Barrier price: | $14.48, 85% of initial share price
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| Pricing date: | July 2
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| Settlement date: | July 8
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| Underwriter: | Barclays
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 06741UZE7
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