By Wendy Van Sickle
Columbus, Ohio, March 17 – Barclays Bank plc priced $8.11 million of contingent income autocallable securities due March 22, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the downside threshold level, 80% of the initial level, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 9.7%.
The notes will be called at par of $10 plus the contingent coupon if the index closes at or above the initial level on any quarterly determination date other than the final determination date.
If the final level is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final level is less than the initial level.
Barclays is the agent. Morgan Stanley Wealth Management is the dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income autocallable securities
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Underlying index: | S&P 500
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Amount: | $8,105,000
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Maturity: | March 22, 2021
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Coupon: | 9.7% per year, payable quarterly if index closes at or above downside threshold level on determination date for that quarter
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Price: | Par of $10
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Payout at maturity: | If final level is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final level is less than initial level
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Call: | At par plus contingent coupon if index closes at or above initial level on any quarterly determination date other than the final one
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Initial level: | 3,003.37
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Downside threshold: | 2,402.696; 80% of initial share price
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Pricing date: | March 3
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Settlement date: | March 6
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 1.5%
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Cusip: | 06747PGP8
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