Barclays plans three-year contingent income autocallables on Broadcom

By Susanna Moon

Chicago, Sept. 20 - Barclays Bank plc plans to price contingent income autocallable securities due Sept. 30, 2016 linked to Broadcom Corp. shares, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon of 2.8% if Broadcom stock closes at or above the downside threshold level, 75% of the initial share price, on a determination date for that quarter.

The notes will be redeemed at par of $10 plus the contingent coupon if the stock closes at or above the initial share price on any of the first 11 determination dates.

If the notes are not called and the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the contingent coupon.

Otherwise, the payout will be a number of Broadcom shares equal to $10 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.

Barclays is the agent with Morgan Stanley Wealth Management handling distribution.

The notes will price on Sept. 27 and settle on Oct. 2.

The Cusip number is 06742E406.

© 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.