Published on 6/27/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 9% autocallables linked to three stocks
By Angela McDaniels
Tacoma, Wash., June 27 – Barclays Bank plc priced $1 million 9% autocallable notes due Dec. 30, 2015 linked to a basket of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes Charles Schwab Corp., E*Trade Financial Corp. and TD Ameritrade Holding Corp.
Interest is payable monthly.
The notes will be automatically called at par if each stock closes at or above its initial share price on Sept. 26, 2014, Dec. 26, 2014, March 26, 2015, June 26, 2015 or Sept. 28, 2015.
If the notes are not called and the final price of the least-performing stock is greater than or equal to its 73% barrier level, the payout at maturity will be par. Otherwise, investors will receive par minus the decline of the least-performing stock or, at the issuer’s option, a number of shares of the least-performing stock equal to $1,000 divided by the initial share price of that stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable notes
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| Underlying stocks: | Charles Schwab Corp., E*Trade Financial Corp. and TD Ameritrade Holding Corp.
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| Amount: | $1 million
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| Maturity: | Dec. 30, 2015
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| Coupon: | 9%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If final price of least-performing stock is greater than or equal to barrier level, par; otherwise, par minus decline of least-performing stock or, at issuer’s option, number of shares of least-performing stock equal to $1,000 divided by initial share price of that stock
|
| Call: | Automatically at par if each stock closes at or above initial share price on Sept. 26, 2014, Dec. 26, 2014, March 26, 2015, June 26, 2015 or Sept. 28, 2015.
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| Initial share price: | $26.85 for Charles Schwab, $20.96 for E*Trade and $31.22 for TD Ameritrade
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| Barrier prices: | $19.60 for Charles Schwab, $15.30 for E*Trade and $22.79 for TD Ameritrade; 73% of initial share prices
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| Pricing date: | June 26
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| Settlement date: | June 30
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| Agent: | Barclays
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| Fees: | 2.85%
|
| Cusip: | 06741UFJ8
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