Published on 2/28/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.36 million 7.6% airbag autocallables linked to Apollo
By Angela McDaniels
Tacoma, Wash., Feb. 28 - Barclays Bank plc priced $1.36 million of 7.6% airbag autocallable yield optimization notes due Feb. 27, 2015 linked to the class A shares of Apollo Global Management, LLC, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called automatically at par if Apollo shares close at or above the initial share price on any quarterly observation date.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Apollo shares equal to $1,000 divided by the conversion price. The conversion price is 80% of the initial share price.
UBS Financial Services Inc. and Barclays are the underwriters.
Issuer: | Barclays Bank plc
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Issue: | Airbag autocallable yield optimization notes
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Underlying stock: | Apollo Global Management, LLC
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Amount: | $1,355,000
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Maturity: | Feb. 27, 2015
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Coupon: | 7.6%, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is less than conversion price, number of Apollo shares equal to $1,000 divided by conversion price; otherwise, par
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Call: | Automatically at par if Apollo shares close at or above initial share price on May 28, 2014, Aug. 27, 2014, Nov. 25, 2014 or Feb. 24, 2015
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Initial share price: | $32.01
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Conversion price: | $25.61, 80% of initial share price
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Pricing date: | Feb. 26
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Settlement date: | Feb. 28
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Underwriters: | UBS Financial Services Inc. and Barclays
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Fees: | 1.5%
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Cusip: | 06742B477
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