By Wendy Van Sickle
Columbus, Ohio, July 15 – Barclays Bank plc priced $1.69 million of phoenix autocallable notes due July 12, 2024 linked to the common stock of Micron Technology, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Micron Technology stock closes at or above the trigger price – 75% of the initial share price – on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at an 10.45% annualized rate.
If the shares close at or above the initial price on a quarterly call observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Micron Technology shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be full exposed to the decline.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Micron Technology, Inc.
|
| Amount: | $1,693,000
|
| Maturity: | July 12, 2024
|
| Coupon: | 10.45%, payable quarterly if stock closes at or above trigger price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Micron Technology shares finish at or above trigger price; otherwise, full exposure to decline
|
| Call: | Automatically at par plus contingent coupon if Micron Technology shares close at or above initial price on a quarterly call observation date
|
| Initial share price: | $78.74
|
| Trigger price: | $59.06, 75% of initial price
|
| Pricing date: | July 9
|
| Settlement date: | July 14
|
| Underwriter: | Barclays
|
| Fees: | 2.75%
|
| Cusip: | 06741W3W1
|
|
|
© 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.
