By Angela McDaniels
Tacoma, Wash., Aug. 19 – Barclays Bank plc priced $16 million of contingent income autocallable securities due Aug. 21, 2015 linked to the common stock of Terex Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Terex shares close at or above the downside threshold level, 70% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 11.7%.
The notes will be called at par of $10 plus the contingent coupon if Terex shares close at or above the initial share price on any quarterly determination date other than the final determination date.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, the payout will be a number of Terex shares equal to $10 divided by the initial share price or, at the issuer’s option, a cash amount equal to the value of those shares.
Barclays is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Terex Corp. (Symbol: TEX)
|
| Amount: | $15,999,920
|
| Maturity: | Aug. 21, 2015
|
| Coupon: | 11.7% per year, payable quarterly if Terex shares close at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, number of Terex shares equal to $10 divided by initial share price or, at issuer’s option, cash amount equal to value of those shares
|
| Call: | At par plus contingent coupon if Terex shares close at or above initial share price on any quarterly determination date other than final determination date
|
| Initial share price: | $37.01
|
| Downside threshold: | $25.91, 70% of initial share price
|
| Pricing date: | Aug. 15
|
| Settlement date: | Aug. 20
|
| Agent: | Barclays
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 1.5%
|
| Cusip: | 06742W281
|
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