By Jennifer Chiou
New York, June 5 - Barclays Bank plc priced $1.08 million of phoenix autocallable notes due June 18, 2014 linked to the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 12.25% per year if Ford shares close at or above the barrier price on the observation date for that quarter. Otherwise, no interest will be paid that quarter. The barrier price is 80% of the initial share price.
The notes will be called at par plus the contingent coupon if Ford shares close at or above the initial share price on any quarterly observation date.
If the notes are not called and Ford shares finish at or above the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the decline in the share price.
Barclays is the underwriter with JPMorgan as placement agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Ford Motor Co. (NYSE: F)
|
| Amount: | $1.08 million
|
| Maturity: | June 18, 2014
|
| Coupon: | Notes will pay contingent coupon at rate of 12.25% per year if Ford shares close at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If Ford shares finish at or above barrier price, par plus contingent coupon; otherwise, full exposure to decline in share price
|
| Call: | At par plus contingent coupon if Ford shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $15.68
|
| Barrier price: | $12.54, 80% of initial share price
|
| Pricing date: | May 31
|
| Settlement date: | June 5
|
| Underwriter: | Barclays with JPMorgan as placement agent
|
| Fees: | 1%
|
| Cusip: | 06741TWE3
|
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