By Toni Weeks
San Luis Obispo, Calif., June 4 - Barclays Bank plc priced $5.01 million of contingent income autocallable securities due June 4, 2015 linked to the common stock of Barnes & Noble, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Barnes & Noble stock closes at or above the downside threshold level, 58% of the initial share price, on any quarterly determination date, the notes will pay a contingent payment of $0.25 per $10 note for that quarter, equivalent to 10% per year.
If the closing share price is greater than or equal to the initial share price on any quarterly determination date other than the final date, the notes will be automatically redeemed at par of $10 plus the contingent payment.
If the notes are not called and the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the contingent payment. Otherwise, the payout will be a number of Barnes & Noble shares equal to $10 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
Barclays is the agent with Morgan Stanley Wealth Management as dealer.
| Issuer: | Barclays Bank plc.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Barnes & Noble, Inc. (Symbol: BKS)
|
| Amount: | $5,005,000
|
| Maturity: | June 4, 2015
|
| Contingent coupon: | 2.5% (10% per year), payable quarterly if Barnes & Noble stock closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus contingent payment; otherwise, a number of Barnes & Noble shares equal to $10 divided by the initial share price or, at the issuer's option, the equivalent cash value
|
| Call: | At par plus contingent payment if closing share price is greater than or equal to initial share price on any quarterly determination date other than final date
|
| Initial share price: | $18.14
|
| Downside threshold level: | $10.52, 58% of initial share price
|
| Pricing date: | May 30
|
| Settlement date: | June 4
|
| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
|
| Fees: | 1.5%
|
| Cusip: | 06742K121
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
