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Barclays to price contingent income autocallables with step-down redemption linked to Starbucks
By Angela McDaniels
Tacoma, Wash., June 19 - Barclays Bank plc plans to price contingent income autocallable securities due June 25, 2015 with step-down redemption threshold level feature linked to the common stock of Starbucks Corp., according to an FWP filing with the Securities and Exchange Commission.
If Starbucks stock closes at or above the downside threshold level - 70% of the initial share price - on a quarterly determination date, investors will receive a contingent payment of $0.275 to $0.375 for each $10.00 note. Otherwise, no contingent payment will be made for that period. The exact contingent payment will be set at pricing.
If the closing share price is greater than or equal to the redemption threshold level on any of the first 11 quarterly determination dates, the notes will be automatically redeemed at par plus the contingent payment. The redemption threshold level is 95% of the initial share price on determination dates one through four, 90% of the initial share price on determination dates five through eight and 85% of the initial share price on determination dates nine through 11.
If the notes are not called and the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the contingent payment. If the final share price is less than the downside threshold level, the payout will be a number of Starbucks shares equal to $10.00 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
The notes will price June 22 and settle June 27.
Barclays Capital Inc. is the agent. Distribution will be through Morgan Stanley Smith Barney LLC.
The Cusip number is 06742A834.
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