By Toni Weeks
San Luis Obispo, Calif., Feb. 11 - Barclays Bank plc priced $11.82 million of contingent income autocallable securities due Feb. 13, 2015 level linked to Michael Kors Holdings Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Michael Kors stock closes at or above the downside threshold level, 75% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment of 3.15% for that quarter.
If the shares close at or above the initial price on any quarterly determination date other than the final date, the notes will be redeemed at par of $10 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 Michael Kors shares equal to $10 divided by the initial share price or, at the issuer's option, the cash equivalent.
Barclays is the agent with distribution through Morgan Stanley Wealth Management.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Michael Kors Holdings Ltd. (Symbol: KORS)
|
| Amount: | $11,819,850
|
| Maturity: | Feb. 13, 2015
|
| Contingent coupon: | 3.15% per quarter, payable if Michael Kors stock closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus contingent payment; otherwise, 0.10613 Michael Kors shares
|
| Call: | At par plus contingent payment if shares close at or above initial price on any quarterly determination date other than final date
|
| Initial share price: | $94.22
|
| Downside threshold: | $70.67, 75% of initial share price
|
| Exchange ratio: | 0.10613
|
| Pricing date: | Feb. 7
|
| Settlement date: | Feb. 12
|
| Agent: | Barclays with distribution through Morgan Stanley Wealth Management
|
| Fees: | 1.5%
|
| Cusip: | 06742K808
|
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