Published on 3/7/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.06 million autocallable securities linked to Micron
By Wendy Van Sickle
Columbus, Ohio, March 7 – Barclays Bank plc priced $4.06 million of 0% autocallable securities due March 4, 2020 linked to the common stock of Micron Technology, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 14.35% if Micron shares close at or above the redemption threshold, 95% of the initial level, on any quarterly determination date other than the final determination date.
If the final share price is greater than or equal to the redemption threshold, the payout at maturity will be par plus 43.05%. If the final share price is below the redemption threshold but above the 90% trigger value, the payout will be par. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable securities
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| Underlying stock: | Micron Technology, Inc.
|
| Amount: | $4,063,900
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| Maturity: | March 4, 2020
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| Coupon: | 0%
|
| Call: | At par plus 14.35% per year if shares close above 95% redemption threshold on any quarter observation date other than final date
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final share price is greater than or equal to redemption threshold, par plus 43.05%; if final share price is below redemption threshold but above 90% trigger value, par; otherwise, 1% loss for every 1% that final share price is less than initial share price
|
| Initial price: | $23.44
|
| Redemption threshold: | $22.268, 95% of initial price
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| Trigger value: | $21.096, 90% of initial price
|
| Pricing date: | Feb. 28
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| Settlement date: | March 3
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
| Cusip: | 06745T756
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