Published on 12/30/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.84 million autocallable notes linked to three pharmaceutical stocks
By Jennifer Chiou
New York, Dec. 30 – Barclays Bank plc priced $7,835,000 of 10.15% autocallable notes due June 30, 2016 linked to the least performing of Celgene Corp., Amgen Inc. and Regeneron Pharmaceuticals, Inc. shares, according to a 424B2 filing with the Notes and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on any of the quarterly call valuation dates beginning on March 24, 2015.
If the notes are not called and each stock finishes at or above the barrier price, 60% of the initial price, the payout at maturity will be par.
Otherwise, investors will receive a number of shares of the least-performing stock equal to $1,000 divided by its initial price or, at the issuer’s option, par plus the return of the least-performing stock.
Barclays is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Autocallable notes
|
Underlying stocks: | Celgene Corp. (Symbol: CELG), Amgen Inc. (Symbol: AMGN) and Regeneron Pharmaceuticals, Inc. (Symbol: REGN)
|
Amount: | $7,835,000
|
Maturity: | June 30, 2016
|
Coupon: | 10.15%, payable monthly
|
Price: | Par
|
Payout at maturity: | If each stock finishes at or above the barrier price, par; otherwise, a number of shares of the least-performing stock equal to $1,000 divided by its initial price or cash payment equal to that return
|
Call: | At par plus coupon if each stock closes at or above its initial price on any of the quarterly call valuation dates beginning on March 24, 2015
|
Initial prices: | $114.47 for Celgene, $162.85 for Amgen, $413.87 for Regeneron
|
Barrier prices: | $68.68 for Celgene, $97.71 for Amgen, $248.32 for Regeneron; 60% of initial levels
|
Exchange ratios: | 8.73591 for Celgene, 6.14062 for Amgen, 2.41622 for Regeneron
|
Pricing date: | Dec. 29
|
Settlement date: | Dec. 31
|
Agent: | Barclays
|
Fees: | 2.8%
|
Cusip: | 06741UNN0
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.