By Angela McDaniels
Tacoma, Wash., Aug. 1 – Barclays Bank plc priced $1.4 million of autocallable range accrual notes due July 31, 2017 linked to the common stock of Tesla Motors, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 9.5% per year multiplied by the proportion of days on which Tesla shares close at or above the barrier price, 60% of the initial share price. Interest is payable monthly.
The notes will be automatically called at par plus accrued interest if the closing share price on any quarterly call valuation date is greater than or equal to the initial price.
If the notes are not called and the stock return is greater than or equal to negative 40%, the payout at maturity will be par. If the stock return is less than negative 40%, investors will share fully in losses from the initial price.
Barclays is the agent.
| Issuer: | Barclay Bank plc
|
| Issue: | Autocallable range accrual notes
|
| Underlying stock: | Tesla Motors, Inc. (Symbol: TSLA)
|
| Amount: | $1.4 million
|
| Maturity: | July 31, 2017
|
| Coupon: | 9.5% per year multiplied by proportion of days on which Tesla shares close at or above barrier price; payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final share price is at least 60% of initial price, par; otherwise, investors will share fully in losses from initial price
|
| Call: | Automatically at par plus accrued interest if closing share price on any quarterly call valuation date is greater than or equal to initial price
|
| Initial share price: | $225.01
|
| Barrier price: | $135.01, 60% of initial price
|
| Pricing date: | July 29
|
| Settlement date: | July 31
|
| Underwriter: | Barclays
|
| Fees: | 3.25%
|
| Cusip: | 06741UGU2
|
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