By Angela McDaniels
Tacoma, Wash., March 17 - Barclays Bank plc priced $975,000 of callable contingent coupon notes due March 17, 2016 linked to the common stock of Seadrill Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon of 3.75% (equivalent to 15% per year) if the closing price of Seadrill shares is greater than or equal to the barrier price, 70% of the initial share price, on the observation date for that quarter.
The notes are callable on any coupon payment date at par.
If the notes are not called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par. If the final share price is less than the barrier price, investors will receive a number of Seadrill shares equal to $1,000 divided by the initial share price or, at Barclays' option, an amount in cash equal to the value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | Seadrill Ltd. (Symbol: SDRL)
|
| Amount: | $975,000
|
| Maturity: | March 17, 2016
|
| Coupon: | 3.75% per quarter (equivalent to 15% per year) if Seadrill shares close at or above barrier price on observation date for that quarter
|
| Payout at maturity: | Par if final share price is greater than or equal to barrier price; otherwise, 29.67359 Seadrill shares or, at Barclays' option, amount in cash equal to value of those shares
|
| Initial stock price: | $33.70
|
| Barrier price: | $23.59, 70% of initial price
|
| Pricing date: | March 13
|
| Settlement date: | March 18
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06741J6Y0
|
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