New Issue: Barclays prices $2.77 million callable contingent coupon notes on Hertz

By Susanna Moon

Chicago, Oct. 11 - Barclays Bank plc priced $2.77 million of callable contingent coupon notes due Oct. 15, 2015 linked to Hertz Global Holdings, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 15% if Hertz shares close at or above the 60% barrier level on the valuation date for that quarter.

The notes are callable at par plus the contingent coupon on any interest payment date.

If the notes are not called and Hertz stock finishes at or above the barrier price, the payout at maturity will be par.

Otherwise, investors will lose 1% for every 1% decline or, at Barclays' option, they will receive a number of Hertz shares equal to $1,000 divided by the initial share price.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable contingent coupon notes
Underlying stock:	Hertz Global Holdings, Inc. (Symbol: HTZ)
Amount:	$2,774,000
Maturity:	Oct. 15, 2015
Coupon:	15% per year, payable quarterly if Hertz shares close at or above barrier price on valuation date for that quarter
Price:	Par
Payout at maturity:	Par if stock finishes at or above barrier price; otherwise, full exposure to any losses or, at Barclays' option, 45.16712 Hertz shares
Call option:	At par plus contingent coupon on any interest payment date
Initial share price:	$22.14
Barrier price:	$15.50, 70% of initial share price
Pricing date:	Oct. 9
Settlement date:	Oct. 15
Agent:	Barclays
Fees:	1.5%
Cusip:	06741J4R7

© 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.