By Angela McDaniels
Tacoma, Wash., Dec. 23 - Barclays Bank plc priced $8.48 million of contingent income autocallable securities due Dec. 26, 2014 linked to the common stock of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
If GE stock closes at or above the downside threshold level, 65% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter of $0.26 per $10.00 principal amount of notes.
If the stock closes at or above the initial share price on any of the first 11 quarterly determination dates, the notes will be called at par plus the contingent payment.
If the notes are not called and the stock finishes at or above the downside threshold level, the payout at maturity will be par plus the contingent payment. Otherwise, the payout will be a number of GE shares equal to $10.00 divided by the initial share price or, at the issuer's option, the cash equivalent.
Barclays Capital Inc. is the agent, and Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | General Electric Co. (NYSE: GE)
|
| Amount: | $8,484,550
|
| Maturity: | Dec. 26, 2014
|
| Quarterly payment: | If stock closes at or above downside threshold level on quarterly determination date, $0.26 for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If stock finishes at or above downside threshold level, par plus $0.26; otherwise, 0.56529 GE shares or equivalent amount in cash
|
| Call: | Automatically at par plus $0.26 if stock closes at or above initial share price on any of first 11 quarterly determination dates
|
| Initial share price: | $17.69
|
| Downside threshold: | $11.50, 65% of initial share price
|
| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 27
|
| Agent: | Barclays Capital Inc.
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.25%
|
| Cusip: | 06738G381
|
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