By Angela McDaniels
Tacoma, Wash., May 13 - Barclays Bank plc priced $630,000 of 0% phoenix autocallable notes due May 28, 2015 linked to the common stock of Cabot Oil & Gas Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10.15% per year if Cabot Oil & Gas shares close at or above the trigger price, 75% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
If the stock closes 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 the shares finish at or above the trigger 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 JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Cabot Oil & Gas Corp. (Symbol: COG)
|
| Amount: | $630,000
|
| Maturity: | May 28, 2015
|
| Coupon: | 10.15%, payable quarterly if stock closes at or above trigger price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Cabot Oil & Gas shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | Automatically at par plus contingent coupon if Cabot Oil & Gas shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $36.91
|
| Final share price: | Average of stock's closing prices on five trading days ending May 22, 2015
|
| Trigger price: | $27.68, 75% of initial price
|
| Pricing date: | May 9
|
| Settlement date: | May 14
|
| Underwriter: | Barclays
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 06741UDM3
|
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