By Kiku Steinfeld
Chicago, Jan. 11 – Barclays Bank plc priced $10 million of autocallable contingent interest notes due Jan. 12, 2022 linked to the common stock of Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier level – 80% of the initial share price – on a monthly review date, the issuer will pay a contingent coupon for that month at an annualized rate of 7.1%, in which case any previously unpaid coupons will also be paid.
If the shares close at or above the initial price on any monthly review date other than the final one, the notes will be called at par.
The payout at maturity will be par unless the stock closes below the 80% buffer level, in which case investors will lose 1.25% for every 1% decline of the stock beyond 20%.
Barclays is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as the placement agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | Microsoft Corp.
|
| Amount: | $10 million
|
| Maturity: | Jan. 12, 2022
|
| Coupon: | 7.1%, payable each month that stock closes at or above coupon barrier on review date for that month, in which case any previously unpaid coupons will also be paid
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless stock closes below buffer, in which case 1.25% loss for every 1% decline beyond buffer
|
| Call: | If the shares close at or above the initial price on any monthly review date other than the final one, notes will be called at par
|
| Initial level: | $212.25
|
| Coupon barrier level: | $169.80; 80% of initial price
|
| Buffer level: | $169.80; 80% of initial price
|
| Pricing date: | Jan. 7
|
| Settlement date: | Jan. 12
|
| Agents: | Barclays with J.P. Morgan Securities LLC with JPMorgan Chase Bank, NA as placement agent
|
| Fees: | 0.5%
|
| Cusip: | 06741WNN6
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
