By Jennifer Chiou
New York, Feb. 19 - Barclays Bank plc priced $500,000 of autocallable contingent coupon notes due Feb. 16, 2018 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay an annualized coupon of 8.75% each month if the closing price of Apple shares is equal to or greater than the coupon barrier price, 70% of the initial share price. Otherwise, holders will not receive the contingent interest payment for that month.
The notes will be automatically called at par plus the contingent coupon if the closing price of the underlying shares is greater than or equal to the initial share price on any quarterly call valuation date beginning on Feb. 13, 2015.
If the notes are not automatically called, the payout at maturity will be par if the final share price is greater than or equal to 70% of the initial share price. If the final share price is less than the barrier price, investors will receive a number of shares equal to the principal amount of notes divided by the initial share price or the cash value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying stock: | Apple Inc. (NYSE: AAPL)
|
| Amount: | $500,000
|
| Maturity: | Feb. 16, 2018
|
| Coupon: | 8.75%, payable monthly if the closing price of Apple shares is equal to or greater than coupon barrier price; otherwise, no coupon paid for that month
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Apple shares finish below 70% of initial share price, in which case 1.69701 shares of Apple stock or equivalent amount in cash
|
| Call: | At par plus contingent coupon if closing share price is greater than or equal to initial share price on any quarterly call valuation date beginning on Feb. 13, 2015
|
| Initial share price: | $467.84
|
| Coupon barrier price: | $327.49, 70% of initial share price
|
| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 19
|
| Underwriter: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06741TPE1
|
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