Free Writing Prospectus
(To the Prospectus dated July 19, 2013
and the Prospectus Supplement dated July 19, 2013)
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Filed Pursuant to Rule 433
Registration No. 333-190038
March 25, 2014
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$
Phoenix Autocallable Notes Due April 15, 2015
Linked to the Common Stock of The Boeing Company
Global Medium-Term Notes, Series A
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Senior unsecured obligations of Barclays Bank PLC maturing April 15, 2015†
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Minimum denominations of $10,000 and integral multiples of $1,000 in excess thereof
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The Notes are expected to price on or about March 28, 2014† (the “Pricing Date”) and are expected to issue on or about April 2, 2014† (the “Issue Date”).
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Key Terms
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Terms used in this free writing prospectus, but not defined herein, shall have the meanings ascribed to them in the prospectus supplement.
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Issuer:
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Barclays Bank PLC
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Reference Asset:
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The common stock of The Boeing Company (Bloomberg ticker symbol “BA<Equity>”) (the “Underlier”)
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Call Feature:
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The Notes will be called if the Closing Price of the Underlier on any Observation Date is at or above the Initial Underlier Value. If the Notes are called, Barclays Bank PLC will pay on the applicable Call Settlement Date a cash payment per Note equal to the principal amount plus the Contingent Coupon otherwise due on the related Coupon Payment Date pursuant to the Contingent Coupon feature. No further amounts will be owed to you under the Notes.
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Contingent Coupon:
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If the Closing Price of the Underlier is greater than or equal to the Coupon Barrier on any Observation Date, Barclays Bank PLC will pay you the Contingent Coupon applicable to such Observation Date.
If the Closing Price of the Underlier is less than the Coupon Barrier on any Observation Date, the Contingent Coupon applicable to such Observation Date will not accrue or be payable and Barclays Bank PLC will not make any payment to you on the related Coupon Payment Date.
The Contingent Coupon will be a fixed amount based upon equal quarterly installments at the Contingent Coupon Rate, which is a per annum rate as set forth below.
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Payment at Maturity:
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If the Notes are not called and the Final Underlier Value is greater than or equal to the Trigger Value (which equals the Coupon Barrier), you will receive a cash payment on the Maturity Date equal to $1,000 per $1,000 principal amount Note plus the Contingent Coupon otherwise due for the final quarter.
If the Notes are not called and the Final Underlier Value is less than the Trigger Value, you will lose 1% of the principal amount of your Notes for every 1% that the Final Underlier Value is less than the Initial Underlier Value. Under these circumstances, you will receive a cash payment on the Maturity Date per $1,000 principal amount Note calculated as follows:
$1,000 × (1 + Underlier Return)
If the Notes are not called and the Final Underlier Value is less than the Trigger Value, the Notes will be fully exposed to the decline in the Underlier and you will lose some or all of your investment at maturity.
Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of Barclays Bank PLC and is not guaranteed by any third party. Any payment to be made on the Notes depends on the ability of Barclays Bank PLC to satisfy its obligations as they come due. In the event Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the Notes.
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Underlier Return:
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Final Underlier Value – Initial Underlier Value
Initial Underlier Value
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Coupon Barrier:
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$ , which is 80.00% of the Initial Underlier Value
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Trigger Value:
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$ , which is 80.00% of the Initial Underlier Value
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Initial Underlier Value:
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$ , which is the Closing Price of the Underlier on the Pricing Date
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Final Underlier Value:
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The arithmetic average of the Closing Prices of the Underlier on the Averaging Dates (rounded to two decimal places)
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Initial Issue Price1
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Price to Public2
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Agent’s Commission
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Proceeds to Barclays Bank PLC
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Per Note
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$1,000
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100%
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1%
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99%
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Total
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$●
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$●
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$●
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$●
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1
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Our estimated value of the Notes on the Pricing Date, based on our internal pricing models, is expected to be between $965.00 and $980.00 per Note. The estimated value is expected to be less than the initial issue price of the Notes. See “Additional Information Regarding Our Estimated Value of the Notes” on page FWP-11 of this free writing prospectus.
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2
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The price to the public for any single purchase by an investor in certain trust accounts, who is not being charged the full selling concession or fee by other dealers of approximately 1%, is 99%. The price to the public for all other purchases of Notes is 100%.
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JPMorgan
Placement Agent
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Contingent Coupon Rate:
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9.25% per annum (or 2.3125% per quarter)
The table below sets forth each Observation Date and the related Contingent Coupon for each Note based on the Contingent Coupon Rate of 9.25% per annum.
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Observation Date†
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Call Settlement Date/Coupon Payment Date†
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Contingent Coupon (per $1,000 Note)
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July 10, 2014
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July 15, 2014
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$23.125
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October 9, 2014
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October 15, 2014
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$23.125
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January 8, 2015
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January 13, 2015
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$23.125
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April 10, 2015*
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April 15, 2015
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$23.125
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* For the Final Observation Date occurring on April 10, 2015, the Closing Price observed for purposes of such date will equal the Final Underlier Value, which is the arithmetic average of the Closing Prices of the Underlier on the Averaging Dates.
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Closing Price:
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On any scheduled trading day, the last reported sale price of the Underlier on the principal national securities exchange on which it is listed for trading, as determined by the Calculation Agent; provided that for purposes of the Final Observation Date occurring on April 10, 2015, the “Closing Price” observed for purposes of such date will equal the Final Underlier Value, which is the arithmetic average of the Closing Prices of the Underlier on the Averaging Dates
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Averaging Dates†:
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April 6, 2015, April 7, 2015, April 8, 2015, April 9, 2015 and April 10, 2015
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Observation Dates†:
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The first Observation Date will occur on or about July 10, 2014; Observation Dates will occur quarterly thereafter on or about October 9, 2014, January 8, 2015 and April 10, 2015 (April 10, 2015, the “Final Observation Date”).
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Call Settlement Dates:
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Three (3) business days following the applicable Observation Date; provided that if the Notes are called on the Final Observation Date, the related Call Settlement Date will be the Maturity Date
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Coupon Payment Dates:
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Three (3) business days following the applicable Observation Date; provided that the final Coupon Payment Date will be the Maturity Date
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Maturity Date†:
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April 15, 2015
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Calculation Agent:
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Barclays Bank PLC
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CUSIP/ISIN:
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06741UAX2 / US06741UAX28
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†
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Expected. In the event we make any change to the expected Pricing Date or Issue Date, the Observation Dates, the Averaging Dates and/or the Maturity Date may be changed so that the stated term of the Notes remains the same. In addition, the Observation Dates, the Averaging Dates and the Maturity Date are subject to postponement. See “Reference Assets—Equity Securities—Market Disruption Events Relating to Securities with an Equity Security as the Reference Asset” in the prospectus supplement. Notwithstanding anything to the contrary in the accompanying prospectus supplement, the Final Observation Date may be postponed by up to five scheduled trading days due to the occurrence or continuance of a market disruption event on such date.
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Prospectus dated July 19, 2013:
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Prospectus supplement dated July 19, 2013:
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Principal Amount:
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$1,000
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Term:
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12 months
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Hypothetical Initial Underlier Value:
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$122.58
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Contingent Coupon Rate:
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9.25% per annum (or 2.3125% per quarter)
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Contingent Coupon:
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$23.125 per quarter
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Observation Dates:
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Observation Dates will occur quarterly as set forth on the cover of this free writing prospectus.
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Hypothetical Coupon Barrier:
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$98.06 (which is 80.00% of the hypothetical Initial Underlier Value)
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Hypothetical Trigger Value:
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$98.06 (which is 80.00% of the hypothetical Initial Underlier Value)
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Date
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Closing Price
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Payment (per Note)
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First Observation Date
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$134.84
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Closing Price of Underlier at or above Initial Underlier Value, Notes are called; Issuer repays principal plus pays Contingent Coupon payment of $23.125 on Call Settlement Date.
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Total Payment (per $1,000 Note):
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$1,023.125 (2.3125% total return on the Notes)
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Date
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Closing Price
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Payment (per Note)
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First Observation Date
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$116.45
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Closing Price of Underlier below Initial Underlier Value and above Coupon Barrier, Notes NOT called; Issuer pays Contingent Coupon payment of $23.125 on first Coupon Payment Date.
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Second Observation Date
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$91.94
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Closing Price of Underlier below Initial Underlier Value and below Coupon Barrier, Notes NOT called; Issuer DOES NOT pay Contingent Coupon payment on second Coupon Payment Date.
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Third Observation Date
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$140.97
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Closing Price of Underlier at or above Initial Underlier Value, Notes are called; Issuer repays principal plus pays Contingent Coupon payment of $23.125 on Call Settlement Date.
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Total Payment (per $1,000 Note):
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$1,046.25 (4.625% total return on the Notes)
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Date
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Closing Price
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Payment (per Note)
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First Observation Date
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$104.19
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Closing Price of Underlier below Initial Underlier Value and above Coupon Barrier, Notes NOT called; Issuer pays Contingent Coupon payment of $23.125 on first Coupon Payment Date.
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Second Observation Date
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$91.94
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Closing Price of Underlier below Initial Underlier Value and below Coupon Barrier, Notes NOT called; Issuer DOES NOT pay Contingent Coupon payment on second Coupon Payment Date.
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Third Observation Date
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$85.81
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Closing Price of Underlier below Initial Underlier Value and below Coupon Barrier, Notes NOT called; Issuer DOES NOT pay Contingent Coupon payment on third Coupon Payment Date.
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Final Observation Date
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$110.32
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Closing Price* of Underlier below Initial Underlier Value and above the Coupon Barrier, Notes NOT called; Final Underlier Value* above Trigger Value, Issuer repays principal plus pays Contingent Coupon payment of $23.125 on Maturity Date.
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Total Payment (per $1,000 Note):
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$1,046.25 (4.625% total return on the Notes)
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Date
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Closing Price
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Payment (per Note)
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First Observation Date
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$91.94
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Closing Price of Underlier below Initial Underlier Value and below Coupon Barrier, Notes NOT called; Issuer DOES NOT pay Contingent Coupon payment on first Coupon Payment Date.
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Second Observation Date
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$85.81
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Closing Price of Underlier below Initial Underlier Value and below Coupon Barrier, Notes NOT called; Issuer DOES NOT pay Contingent Coupon payment on second Coupon Payment Date.
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Third Observation Date
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$67.42
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Closing Price of Underlier below Initial Underlier Value and below Coupon Barrier, Notes NOT called; Issuer DOES NOT pay Contingent Coupon payment on third Coupon Payment Date.
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Final Observation Date
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$61.29
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Closing Price* of Underlier below Initial Underlier Value and below Coupon Barrier, Notes NOT called; Issuer DOES NOT pay Contingent Coupon payment on Maturity Date. The Final Underlier Value* is below the Trigger Value and Barclays Bank PLC will repay less than the principal amount resulting in a loss proportionate to the decline of the Underlier.
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Total Payment (per $1,000 Note):
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$500.00 (a 50.00% loss on the Notes)
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Market Disruption Events and Adjustments—The Observation Dates, Maturity Date, Contingent Coupon payments, payment at maturity and the Reference Asset are subject to adjustment as described in the following sections of the prospectus supplement:
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For a description of what constitutes a market disruption event as well as the consequences of that market disruption event, see “Reference Assets—Equity Securities—Market Disruption Events Relating to Securities with an Equity Security as the Reference Asset.” Notwithstanding anything to the contrary in the accompanying prospectus supplement, the Final Observation Date may be postponed by up to five scheduled trading days due to the occurrence or continuance of a market disruption event on such date; and
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For a description of further adjustments that may affect the Reference Asset, see “Reference Assets—Equity Securities—Share Adjustments Relating to Securities with an Equity Security as the Reference Asset.”
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Tax Consequences — You should review carefully the sections entitled “Certain U.S. Federal Income Tax Considerations—Certain Notes Treated as Forward Contracts or Derivative Contracts” and, if you are a non-U.S. holder, “—Tax Treatment of Non-U.S. Holders,” in the accompanying prospectus supplement. The following discussion supersedes the discussion in the accompanying prospectus supplement to the extent it is inconsistent therewith.
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“Risk Factors—Risks Relating to All Securities”;
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“Risk Factors—Additional Risks Relating to Notes Which Are Not Characterized as Being Fully Principal Protected or Are Characterized as Being Partially Protected or Contingently Protected”;
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“Risk Factors—Additional Risks Relating to Securities with a Barrier Percentage or a Barrier Level”;
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“Risk Factors—Additional Risks Relating to Securities Which We May Call or Redeem (Automatically or Otherwise)”; and
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“Risk Factors—Additional Risks Relating to Securities with Reference Assets That Are Equity Securities or Shares or Other Interests in Exchange-Traded Funds, That Contain Equity Securities or Shares or Other Interests in Exchange-Traded Funds or That Are Based in Part on Equity Securities or Shares or Other Interests in Exchange-Traded Funds.”
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You May Lose Some or All of Your Principal — The Notes differ from ordinary debt securities in that the Issuer will not necessarily pay the full principal amount at maturity. If the Notes are not called, the Issuer will pay you the principal amount of your Notes only if the Final Underlier Value (the arithmetic average of the Closing Prices of the Underlier on the Averaging Dates, as set forth on the cover of this free writing prospectus) of the Underlier is greater than or equal to the Trigger Value and will only make such payment at maturity regardless of any appreciation in the value of the Underlier. If the Notes are not called and the Final Underlier Value is less than the Trigger Value, you will lose 1% of the principal amount of your Notes for every 1% that the Final Underlier Value is less than the Initial Underlier Value. Accordingly, if the Notes are not called and the Final Underlier Value is less than the Trigger Value, the Notes will be fully exposed to the decline in the Underlier and you will lose some or all of your investment at maturity.
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Credit of Issuer — The Notes are senior unsecured debt obligations of the issuer, Barclays Bank PLC and are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the Notes depends on the ability of Barclays Bank PLC to satisfy its obligations as they come due. In the event Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the Notes.
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You May Not Receive Any Contingent Coupons — Barclays Bank PLC will not necessarily make periodic coupon payments on the Notes. If the Closing Price of the Underlier on an Observation Date is less than the Coupon Barrier, Barclays Bank PLC will not pay you the Contingent Coupon applicable to such Observation Date. If the Closing Price of the Underlier is less than the Coupon Barrier on each of the Observation Dates, Barclays Bank PLC will not pay you any Contingent Coupons during the term of the Notes, and you will not receive a positive return on your Notes. Generally, this non-payment of the Contingent Coupon coincides with a period of greater risk of principal loss on your Notes.
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Reinvestment Risk — If your Notes are called early, the holding period over which you would receive the per annum Contingent Coupon Rate could be as short as approximately three months. There is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes in a comparable investment with a similar level of risk in the event the Notes are called prior to the Maturity Date.
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Contingent Repayment of Principal Applies Only at Maturity — You should be willing to hold your Notes to maturity. Although the Notes provide for the repayment of your principal at maturity if the Final Underlier Value is greater than or equal to the Trigger Value, if you sell your Notes prior to maturity in the secondary market, if any, you may have to sell your Notes at a loss relative to your initial investment even if the value of the Underlier is above the Trigger Value. See “Many Economic and Market Factors Will Impact the Value of the Notes.”
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Your Potential Return on the Notes Is Limited and You Will Not Participate in Any Appreciation of the Underlier — The return potential of the Notes is limited to the pre-specified Contingent Coupon Rate, regardless of the appreciation of the Underlier. In addition, any return on the Notes will be based on the number of Observation Dates on which the Closing Price of the Underlier has equaled or exceeded the Coupon Barrier prior to maturity or an automatic call. Further, if the Notes are called due to the automatic call feature, you will not receive any Contingent Coupons or any other payment in respect of any Observation Dates after the applicable Call Settlement Date. Because the Notes could be called as early as the first Observation Date, the total return on the Notes could be minimal. If the Notes are not called, you will not participate in any appreciation in the value of the Underlier even though you will be subject to the Underlier’s risk of decline. As a result, the return on an investment in the Notes could be less than the return on a direct investment in the Underlier.
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Owning the Notes Is Not the Same as Owning the Underlier — The return on your Notes may not reflect the return you would realize if you actually owned the Underlier. For instance, as a holder of the Notes, you will not have voting rights, rights to receive cash dividends or other distributions, or any other rights that holders of the Underlier would have. Further, you will not participate in any appreciation of the Underlier, which could be significant.
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Single Equity Risk — The value of the Underlier can rise or fall sharply due to factors specific to the Underlier and its issuer, such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. We urge you to review financial and other information filed periodically with the SEC by the issuer of the Underlier.
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Lack of Liquidity — The Notes will not be listed on any securities exchange. Barclays Capital Inc. and other affiliates of Barclays Bank PLC intend to make a secondary market for the Notes but are not required to do so, and may discontinue any such secondary market making at any time, without notice. Barclays Capital Inc. may at any time hold unsold inventory, which may inhibit the development of a secondary market for the Notes. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. Because other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on the price, if any, at which Barclays Capital Inc. and other affiliates of Barclays Bank PLC are willing to buy the Notes. The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity.
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Potential Conflicts — We and our affiliates play a variety of roles in connection with the issuance of the Notes, including acting as Calculation Agent and hedging our obligations under the Notes. In performing these duties, the economic interests of the Calculation Agent and other affiliates of ours are potentially adverse to your interests as an investor in the Notes.
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Suitability of the Notes for Investment — You should reach a decision to invest in the Notes after carefully considering, with your advisors, the suitability of the Notes in light of your investment objectives and the specific information set out in this free writing prospectus, the prospectus supplement, and the prospectus. Neither the Issuer nor Barclays Capital Inc. makes any recommendation as to the suitability of the Notes for investment.
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Antidilution Adjustments — For certain corporate events affecting the Underlier, the Calculation Agent may make adjustments to the amounts payable on the Notes. However, the Calculation Agent will not make such adjustments in response to all events that could affect the Underlier. If an event occurs that does not require the Calculation Agent to make such adjustments, the value of the Notes may be materially and adversely affected. In addition, all determinations and calculations concerning any such adjustments will be made in the sole discretion of the Calculation Agent, which will be binding on you absent manifest error. You should be aware that the Calculation Agent may make any such adjustment, determination or calculation in a manner that differs from that discussed in this free writing prospectus or the prospectus supplement as necessary to achieve an equitable result.
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In Some Circumstances, the Payment You Receive on the Notes May Be Based on the Stock of Another Company and Not the Underlier — Following certain corporate events relating to the issuer of the Underlier where the issuer is not the surviving entity, your return on the Notes paid by Barclays Bank PLC may be based on the shares of a successor to the issuer of the Underlier or any cash or any other assets distributed to holders of the Underlier in such corporate event. The occurrence of these corporate events and the consequent adjustments may materially and adversely affect the value of the Notes. For more information, see the section “Reference Assets—Equity Securities—Share Adjustments Relating to Securities with an Equity Security as the Reference Asset” of the prospectus supplement.
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Many Economic and Market Factors Will Impact the Value of the Notes — In addition to the value of the Underlier on any day, the value of the Notes will be affected by a number of economic and market factors that may either offset or magnify each other, including:
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the expected volatility of the Underlier;
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the time to maturity of the Notes;
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the dividend rate on the Underlier;
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interest and yield rates in the market generally;
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a variety of economic, financial, political, regulatory or judicial events; and
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our creditworthiness, including actual or anticipated downgrades in our credit ratings.
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The Estimated Value of Your Notes Might Be Lower if Such Estimated Value Were Based on the Levels at Which Our Debt Securities Trade in the Secondary Market — The estimated value of your Notes on the Pricing Date is based on a number of variables, including our internal funding rates. Our internal funding rates may vary from the levels at which our benchmark debt securities trade in the secondary market. As a result of this difference, the estimated values referenced above may be lower if such estimated values were based on the levels at which our benchmark debt securities trade in the secondary market.
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The Estimated Value of Your Notes Is Expected to Be Lower Than the Initial Issue Price of Your Notes — The estimated value of your Notes on the Pricing Date is expected to be lower, and may be significantly lower, than the initial issue price of your Notes. The difference between the initial issue price of your Notes and the estimated value of the Notes is expected as a result of certain factors, such as any sales commissions expected to be paid to Barclays Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees expected to be allowed or paid to non-affiliated intermediaries, the estimated profit that we or any of our affiliates expect to earn in connection with structuring the Notes, the estimated cost that we may incur in hedging our obligations under the Notes, and estimated development and other costs that we may incur in connection with the Notes.
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The Estimated Value of the Notes Is Based on Our Internal Pricing Models, Which May Prove to Be Inaccurate and May Be Different from the Pricing Models of Other Financial Institutions — The estimated value of your Notes on the Pricing Date is based on our internal pricing models, which take into account a number of variables and are based on a number of subjective assumptions, which may or may not materialize. These variables and assumptions are not evaluated or verified on an independent basis. Further, our pricing models may be different from other financial institutions’ pricing models and the methodologies used by us to estimate the value of the Notes may not be consistent with those of other financial institutions that may be purchasers or sellers of Notes in the secondary market. As a result, the secondary market price of your Notes may be materially different from the estimated value of the Notes determined by reference to our internal pricing models.
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The Estimated Value of Your Notes Is Not a Prediction of the Prices at Which You May Sell Your Notes in the Secondary Market, if Any, and Such Secondary Market Prices, if Any, Will Likely Be Lower Than the Initial Issue Price of Your Notes and May Be Lower Than the Estimated Value of Your Notes — The estimated value of the Notes will not be a prediction of the prices at which Barclays Capital Inc., other affiliates of ours or third parties may be willing to purchase the Notes from you in secondary market transactions (if they are willing to purchase, which they are not obligated to do). The price at which you may be able to sell your Notes in the secondary market at any time will be influenced by many factors that cannot be predicted, such as market conditions, and any bid and ask spread for similar sized trades, and may be substantially less than our estimated value of the Notes. Further, as secondary market prices of your Notes take into account the levels at which our debt securities trade in the secondary market, and do not take into account our various costs related to the Notes such as fees, commissions, discounts, and the costs of hedging our obligations under the Notes, secondary market prices of your Notes will likely be lower than the initial issue price of your Notes. As a result, the price, at which Barclays Capital Inc., other affiliates of ours or third parties may be willing to purchase the Notes from you in secondary market transactions, if any, will likely be lower than the price you paid for your Notes, and any sale prior to the Maturity Date could result in a substantial loss to you.
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The Temporary Price at Which We May Initially Buy the Notes in the Secondary Market and the Value We May Initially Use for Customer Account Statements, if We Provide Any Customer Account Statements at All, May Not Be Indicative of Future Prices of Your Notes — Assuming that all relevant factors remain constant after the Pricing Date, the price at which Barclays Capital Inc. may initially buy or sell the Notes in the secondary market (if Barclays Capital Inc. makes a market in the Notes, which it is not obligated to do) and the value that we may initially use for customer account statements, if we provide any customer account statements at all, may exceed our estimated value of the Notes on the Pricing Date, as well as the secondary market value of the Notes, for a temporary period after the initial Issue Date of the Notes. The price at which Barclays Capital Inc. may initially buy or sell the Notes in the secondary market and the value that we may initially use for customer account statements may not be indicative of future prices of your Notes.
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We and Our Affiliates May Engage in Various Activities or Make Determinations That Could Materially Affect Your Notes in Various Ways and Create Conflicts of Interest — We and our affiliates establish the offering price of the Notes for initial sale to the public, and the offering price is not based upon any independent verification or valuation. Additionally, the role played by Barclays Capital Inc., as a dealer in the Notes, could present it with significant conflicts of interest with the role of Barclays Bank PLC, as issuer of the Notes. For example, Barclays Capital Inc. or its representatives may derive compensation or financial benefit from the distribution of the Notes and such compensation or financial benefit may serve as an incentive to sell these Notes instead of other investments. We may pay dealer compensation to any of our affiliates acting as agents or dealers in connection with the distribution of the Notes. Furthermore, we and our affiliates make markets in and trade various financial instruments or products for their own accounts and for the account of their clients and otherwise provide investment banking and other financial services with respect to these financial instruments and products. These financial instruments and products may include securities, instruments or assets that may serve as the underliers, basket underliers or constituents of the underliers of the Notes. Such market making, trading activities, other investment banking and financial services may negatively impact the value of the Notes. Furthermore, in any such market making, trading activities, and other services, we or our affiliates may take positions or take actions that are inconsistent with, or adverse to, the investment objectives of the holders of the Notes. We and our affiliates have no obligation to take the needs of any buyer, seller or holder of the Notes into account in conducting these activities.
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Tax Treatment — Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax advisor about your tax situation. See “Selected Purchase Considerations—Tax Consequences” above.
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Quarter Begin
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Quarter End
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Quarterly High (USD)
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Quarterly Low (USD)
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Quarterly Close (USD)
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1/1/2008
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3/31/2008
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$86.98
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$72.45
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$74.37
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4/1/2008
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6/30/2008
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$87.07
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$65.72
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$65.72
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7/1/2008
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9/30/2008
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$69.26
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$55.47
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$57.35
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10/1/2008
|
12/31/2008
|
$56.62
|
$37.11
|
$42.67
|
||||
1/1/2009
|
3/31/2009
|
$46.31
|
$29.36
|
$35.58
|
||||
4/1/2009
|
6/30/2009
|
$52.83
|
$35.44
|
$42.50
|
||||
7/1/2009
|
9/30/2009
|
$54.62
|
$39.04
|
$54.15
|
||||
10/1/2009
|
12/31/2009
|
$56.05
|
$47.22
|
$54.13
|
||||
1/1/2010
|
3/31/2010
|
$74.11
|
$56.18
|
$72.61
|
||||
4/1/2010
|
6/30/2010
|
$75.59
|
$60.11
|
$62.75
|
||||
7/1/2010
|
9/30/2010
|
$69.69
|
$60.76
|
$66.54
|
||||
10/1/2010
|
12/31/2010
|
$71.66
|
$62.50
|
$65.26
|
||||
1/1/2011
|
3/31/2011
|
$73.93
|
$66.40
|
$73.93
|
||||
4/1/2011
|
6/30/2011
|
$79.95
|
$71.25
|
$73.93
|
||||
7/1/2011
|
9/30/2011
|
$75.99
|
$57.41
|
$60.51
|
||||
10/1/2011
|
12/31/2011
|
$74.29
|
$58.25
|
$73.35
|
1/1/2012
|
3/31/2012
|
$76.34
|
$72.56
|
$74.37
|
||||
4/1/2012
|
6/30/2012
|
$77.27
|
$67.24
|
$74.30
|
||||
7/1/2012
|
9/30/2012
|
$75.51
|
$69.38
|
$69.62
|
||||
10/1/2012
|
12/31/2012
|
$76.20
|
$69.53
|
$75.36
|
||||
1/1/2013
|
3/31/2013
|
$86.62
|
$73.65
|
$85.85
|
||||
4/1/2013
|
6/30/2013
|
$104.08
|
$84.09
|
$102.44
|
||||
7/1/2013
|
9/30/2013
|
$119.38
|
$101.47
|
$117.50
|
||||
10/1/2013
|
12/31/2013
|
$138.36
|
$114.47
|
$136.49
|
||||
1/1/2014
|
3/21/2014*
|
$144.37
|
$121.40
|
$122.58
|
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