Barclays plans to price phoenix autocallables linked to Sears Holding

By Angela McDaniels

Tacoma, Wash., May 8 - Barclays Bank plc plans to price phoenix autocallable notes due May 14, 2015 linked to the common stock of Sears Holding Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the issuer will pay a contingent coupon at the rate of 16% per year if Sears shares close at or above the barrier price, 50% of the initial share price, on the observation date for that month.

Beginning July 9, the notes will be called at par plus the contingent coupon if the stock closes at or above the initial share price on any monthly 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 agent.

The notes will price May 9 and settle May 14.

The Cusip number is 06741J7R4.

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