By Marisa Wong
Madison, Wis., Nov. 13 – Barclays Bank plc priced $1.6 million of phoenix autocallable notes due Nov. 25, 2015 linked to the common stock of Valeant Pharmaceuticals International, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 16.35% per year if Valeant shares close at or above the trigger price, 70% 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
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| Issue: | Phoenix autocallable notes
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| Underlying stock: | Valeant Pharmaceuticals International, Inc. (Symbol: VRX)
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| Amount: | $1.6 million
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| Maturity: | Nov. 25, 2015
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| Coupon: | Contingent quarterly coupon of 16.35% per year if Valeant shares close at or above the trigger price on the observation date for that quarter; otherwise, no coupon will be paid for that quarter
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| Price: | Par
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| Payout at maturity: | If shares finish at or above the trigger price, 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
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| Call: | Automatically at par plus the contingent coupon if stock closes at or above the initial price on any quarterly observation date
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| Initial price: | $126.11
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| Trigger price: | $88.28, 70% of initial price
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| Pricing date: | Nov. 7
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| Settlement date: | Nov. 13
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| Underwriter: | Barclays with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents
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| Fees: | 1%
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| Cusip: | 06741ULQ5
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