By Wendy Van Sickle
Columbus, Ohio, March 28 – Barclays Bank plc priced $4.86 million trigger autocallable contingent yield notes due March 26, 2021 linked to the common stock of Cisco Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 8% if the shares close at or above the coupon barrier, 66.5% of the initial level, on the observation date for that quarter.
After six months, the notes will be automatically called at par of $10 if the stock closes at or above the initial share price on any quarterly observation date.
If the notes are not called and the final share price is greater than or equal to the 66.5% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline.
UBS Financial Services Inc. and Barclays Capital Inc. are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger autocallable contingent yield notes
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Underlying stock: | Cisco Systems, Inc.
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Amount: | $4,855,630
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Maturity: | March 31, 2021
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Coupon: | 8%, payable quarterly if shares close at or above coupon barrier on quarterly observation date
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Price: | Par of $10
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Call: | After six months, at par if shares close at or above initial price on any quarterly observation date
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Payout at maturity: | Par plus final coupon unless stock finishes below downside threshold, in which case 1% loss for every 1% decline
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Initial price: | $42.68
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Coupon barrier: | $28.38; 66.5% of initial level
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Downside threshold: | $28.38; 66.5% of initial level
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Pricing date: | March 27
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Settlement date: | March 29
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Underwriters: | Barclays Capital Inc. and UBS Financial Services Inc.
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Fees: | 2%
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Cusip: | 06746R809
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