Published on 7/31/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.14 million autocallables on Hang Seng, MSCI Taiwan
By Susanna Moon
Chicago, July 31 – Barclays Bank plc priced $4.14 million of 0% annual autocallable notes due Aug. 3, 2017 linked to the Hang Seng index and the MSCI Taiwan index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at an annualized call premium of 11% if each index closes at or above the call level on any of three annual call dates.
The call level will be equal to the initial level for the first call date, stepping down to 95% of the initial level for the second call date and to 90% of the initial level for the final call date.
If the notes are not called, the payout at maturity will be par unless either index finishes below its 80% trigger level, in which case investors will be exposed to any losses of the worse performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Annual autocallable notes
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Underlying indexes: | Hang Seng index and the MSCI Taiwan index
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Amount: | $4,135,000
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Maturity: | Aug. 3, 2017
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Coupon: | 0%
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Price: | Par
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Call: | At par plus call premium of 11% per year if each index finishes at or above call levels on any annual call date; call level will be initial level on Aug. 3, 2015, 95% of initial level on July 29, 2016 and 90% of initial level on July 31, 2017
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Payout at maturity: | Par unless either index falls below trigger level, in which case full exposure to any losses of worst performing index
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Initial levels: | 24,640.53 for Hang Seng and 339.38 for MSCI Taiwan
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Barrier levels: | 19,712.42 for Hang Seng and 271.50 for MSCI Taiwan; 80% of initial price
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Pricing date: | July 29
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Settlement date: | July 31
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Agent: | Barclays
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Fees: | 2.25%
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Cusip: | 06741UGN8
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