By William Gullotti
Buffalo, N.Y., June 28 – Barclays Bank plc priced $17.09 million of contingent income autocallable securities due June 21, 2024 linked to Moderna, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if the underlying stock closes at or above its 55% coupon threshold on any quarterly observation date.
If underlying stock closes at or above its initial price on any of the quarterly determination dates, the securities will be redeemed at par plus the contingent payment.
If the underlying stock finishes at or above the 55% downside threshold level, the payout at maturity will be par plus the contingent quarterly payment.
Otherwise, investors will be fully exposed to any losses from initial level.
Barclays is the agent with Morgan Stanley Wealth Management as dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income auto-callable securities
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Underlying index: | Moderna, Inc.
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Amount: | $17,093,370
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Maturity: | June 21, 2024
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Coupon: | 11% annualized, payable quarterly if the stock closes at or above coupon barrier on the corresponding review date
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Price: | Par of $10
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Payout at maturity: | Par plus contingent coupon if underlying stock finishes at or above downside threshold; otherwise full exposure to any losses from initial level
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Call: | At par plus contingent payment if underlying stock closes at or above initial share price on any determination date
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Initial share price: | $199.19
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Trigger level: | $109.555; 55% of initial price
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Pricing date: | June 18
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Settlement date: | June 23
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Agent: | Barclays
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 2.5%
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Cusip: | 06747T218
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