By Toni Weeks
San Luis Obispo, Calif., March 12 - Barclays Bank plc priced $7.92 million of phoenix autocallable notes due March 26, 2014 linked to Bank of America Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Bank of America stock closes at or above the barrier price - 75% of the initial share price - on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 13.2% per year. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on a quarterly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Bank of America shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price.
Barclays is the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Bank of America Corp. (Symbol: BAC)
|
| Amount: | $7.92 million
|
| Maturity: | March 26, 2014
|
| Coupon: | 13.2% per year if stock closes at or above barrier price on quarterly observation date; otherwise, no coupon
|
| Price: | Par
|
| Payout at maturity: | Par plus the contingent coupon if Bank of America shares finish at or above the trigger price; otherwise, exposure to losses
|
| Call: | At par plus the contingent coupon if shares close at or above the initial price on a quarterly observation date
|
| Initial price: | $12.07
|
| Trigger price: | $9.05, 75% of initial price
|
| Pricing date: | March 8
|
| Settlement date: | March 13
|
| Underwriter: | Barclays
|
| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 06741TQL4
|
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