By Wendy Van Sickle
Columbus, Ohio, May 26 – Barclays Bank plc priced $13.37 million of contingent income autocallable securities due May 24, 2024 linked to the common shares of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
If the shares close at or above the downside threshold level, 70% of the initial level, on any quarterly observation date the notes will pay a coupon at an annual rate of 8%.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial share price on any quarterly determination date other than the final determination date.
If the final share price 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 be fully exposed to the loss.
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 stock: | General Electric Co.
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Amount: | $13,369,210
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Maturity: | May 24, 2024
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Coupon: | 8% per year, payable quarterly if shares close at or above downside threshold level on determination date for that quarter
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Price: | Par
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Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, full exposure to loss
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Call: | At par plus contingent coupon if shares close at or above initial share price on any quarterly determination date
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Initial share price: | $13.23
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Downside threshold: | $9.261; 70% of initial share price
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Pricing date: | May 21
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Settlement date: | May 26
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Agent: | Barclays
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 2.5%
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Cusip: | 06747T796
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