By Jennifer Chiou
New York, April 3 - Barclays Bank plc priced $26,619,380 of contingent income autocallable securities due April 4, 2016 linked to the common stock of Transocean Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
If Transocean 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 $0.269 for each $10.00 note. Otherwise, no contingent payment will be made for that period.
If the stock closes at or above the initial share price on any of the first 11 quarterly determination dates, the notes will be redeemed at par plus the contingent payment.
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 Transocean shares equal to the principal amount of notes divided by the initial share price or, at Barclays' option, the cash value of those shares.
Barclays is the agent with Morgan Stanley Smith Barney LLC as dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Transocean Ltd. (Symbol: RIG)
|
| Amount: | $26,619,380
|
| Maturity: | April 4, 2016
|
| Coupon: | 2.69% per quarter (10.76% per year) if closing price is at least 70% of initial price on quarterly determination date; otherwise, none
|
| Price: | Par
|
| Payout at maturity: | If final share price is at least 70% of initial, par plus contingent quarterly payment; otherwise, full exposure to losses
|
| Initial price: | $51.96
|
| Barrier level: | $36.37, 70% of initial share price
|
| Call: | Par plus contingent payment if closing share price greater than initial share price on quarterly determination dates beginning on June 28
|
| Pricing date: | March 28
|
| Settlement date: | April 3
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.25%
|
| Cusip: | 06742C582
|
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