Published on 5/29/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.66 million autocallable contingent coupon notes on GM
By Marisa Wong
Madison, Wis., May 29 - Barclays Bank plc priced $2.66 million of autocallable contingent interest notes due May 26, 2017 linked to the common stock of General Motors Co., according to an FWP filing with the Securities and Exchange Commission.
If General Motors shares close at or above the barrier price, 75% of the initial share price, on a quarterly review date, the notes will pay a coupon at an annual rate of 8.5% for that quarter.
The notes will be called at par plus the contingent coupon if General Motors shares close at or above the initial share price on any quarterly review date other than the final review date.
If the notes have not been called and the stock finishes at or above the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will receive a number of General Motors shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying stock: | General Motors Co. (Symbol: GM)
|
| Amount: | $2,659,000
|
| Maturity: | May 26, 2017
|
| Coupon: | 8.5% per year, payable quarterly if General Motors shares close at or above barrier price on quarterly review date
|
| Price: | Par of $1,000
|
| Payout at maturity: | If stock finishes at or above barrier price, par plus contingent coupon; otherwise, 29.73536 General Motors shares or, at issuer's option, cash equivalent
|
| Call: | At par plus contingent coupon if General Motors shares close at or above initial share price on any quarterly review date other than final review date
|
| Initial price: | $33.63
|
| Barrier price: | $25.22, 75% of initial price
|
| Pricing date: | May 23
|
| Settlement date: | May 29
|
| Agent: | Barclays
|
| Fees: | 2.25%
|
| Cusip: | 06741JS42
|
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