Published on 3/28/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.61 million callable contingent coupon notes tied to Transocean
By Marisa Wong
Madison, Wis., March 28 - Barclays Bank plc priced $7.61 million of callable contingent coupon notes due March 31, 2016 linked to Transocean Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon an annual rate of 10.15% if Transocean shares close at or above the barrier level, 70% of the initial share price, on the valuation date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date beginning Dec. 26, 2014.
The payout at maturity will be par unless the stock finishes below the 70% barrier level, in which case investors will be fully exposed to any losses or, at Barclays' option, they will receive a number of Transocean shares equal to $1,000 divided by the initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | Transocean Corp. (Symbol: RIG)
|
| Amount: | $7,614,000
|
| Maturity: | March 31, 2016
|
| Coupon: | 10.15% per year, payable quarterly if Transocean shares close at or above barrier price on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par if final share price is greater than or equal to barrier price; otherwise, exposure to share price decline or, at Barclays' option, 24.70966 Transocean shares
|
| Call option: | At par plus contingent coupon, if any, on any interest payment date from Dec. 26, 2014 onward
|
| Initial share price: | $40.47
|
| Barrier price: | $28.33, 70% of initial share price
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06741J7A1
|
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