Barclays plans to price phoenix autocallable notes linked to Vale

By Jennifer Chiou

New York, March 14 - Barclays Bank plc plans to price trigger phoenix autocallable notes due 2014 linked to the American Depository Shares of Vale SA, according to an FWP with the Securities and Exchange Commission.

If Vale closes at or above the trigger price - 80% of the initial price - on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 15% per year.

The notes will be called at par plus the contingent coupon if the shares close at or above the initial price on a quarterly observation date.

If the notes are not called and Valero finishes at or above the trigger price, the payout at maturity will be par plus the contingent coupon.

Otherwise, investors will be fully exposed to any losses.

Barclays is the underwriter with JPMorgan Securities LLC as placement agent.

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