By Angela McDaniels
Tacoma, Wash., April 7 - Barclays Bank plc priced $4.55 million of contingent income autocallable securities due April 7, 2017 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent payment of $0.20 per $10.00 principal amount of notes if Bank of America stock closes at or above the downside threshold level, 80% of the initial share price, on the determination date for that quarter.
If the closing share price is greater than or equal to the initial share price on any quarterly determination date other than the final one, the notes will be automatically 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. Otherwise, the payout will be a number of Bank of America 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 with Morgan Stanley Wealth Management as dealer.
| Issuer: | Barclays Bank plc.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Bank of America Corp. (NYSE: BAC)
|
| Amount: | $4,545,000
|
| Maturity: | April 7, 2017
|
| Contingent coupon: | 2% (8% per year), payable quarterly if Bank of America stock closes 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 contingent payment; otherwise, number of Bank of America shares equal to $10 divided by initial share price or, at issuer's option, equivalent cash amount
|
| Call: | At par plus contingent payment if closing share price is greater than or equal to initial share price on any quarterly determination date other than final one
|
| Initial share price: | $17.15
|
| Downside threshold level: | $13.72, 80% of initial share price
|
| Pricing date: | April 3
|
| Settlement date: | April 8
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.25%
|
| Cusip: | 06742K683
|
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