Published on 6/3/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.1 million phoenix autocallables linked to Sears
By Angela McDaniels
Tacoma, Wash., June 3 - Barclays Bank plc priced $1.1 million of phoenix autocallable notes due May 30, 2014 linked to the common stock of Sears Holding Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 15% per year if Sears shares close at or above the barrier price on the observation date for that month. Otherwise, no interest will be paid that month. The barrier price is 65% of the initial share price.
The notes will be called at par plus the contingent coupon if Sears shares close at or above the initial share price on any monthly observation date.
If the notes are not called and Sears 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 agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Sears Holding Corp. (Symbol: SHLD)
|
| Amount: | $1.1 million
|
| Maturity: | May 30, 2014
|
| Coupon: | Notes will pay contingent coupon at rate of 15% per year if Sears shares close at or above barrier price on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | If Sears 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 Sears shares close at or above initial price on July 1, 2013, July 30, 2013, Aug. 30, 2013, Sept. 30, 2013, Oct. 30, 2013, Dec. 2, 2013, Dec. 30, 2013, Jan. 30, 2014, Feb. 28, 2014, March 31, 2014, April 30, 2014 or May 27, 2014
|
| Initial share price: | $50.25
|
| Barrier price: | $32.66, 65% of initial share price
|
| Pricing date: | May 30
|
| Settlement date: | June 4
|
| Agent: | Barclays
|
| Fees: | 1%
|
| Cusip: | 06741TWC7
|
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