By Marisa Wong
Madison, Wis., June 10 – Barclays Bank plc priced $7.43 million of contingent income autocallable securities due June 12, 2015 linked to the American Depositary Shares of Baidu Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent payment of 3.5% for each quarter that Baidu shares close at or above the downside threshold level, 75% of the initial share price, on the determination date for that quarter.
The notes will be redeemed at par plus the contingent payment if the shares close at or above the initial price on any quarterly determination date other than the final one.
If the notes are not called and the shares finish at or above the downside threshold level, the payout at maturity will be par plus the contingent payment.
Otherwise, the payout will be a number of Baidu shares equal to $10 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Barclays is the agent with Morgan Stanley Wealth Management handling distribution.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable securities
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| Underlying ADSs: | Baidu Inc. (Symbol: BIDU)
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| Amount: | $7.43 million
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| Maturity: | June 12, 2015
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| Contingent coupon: | 3.5% per quarter, payable if Baidu shares close at or above downside threshold level on determination date for that quarter
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| Price: | Par of $10.00
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| Payout at maturity: | If shares finish at or above downside threshold level, par plus contingent payment; otherwise, the payout will be a number of Baidu shares equal to $10 divided by initial share price
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| Call: | At par plus contingent payment if shares close at or above initial price on any quarterly determination date other than final one
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| Initial share price: | $172.34
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| Downside threshold level: | $129.26, 75% of initial share price
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| Pricing date: | June 6
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| Settlement date: | June 11
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| Agent: | Barclays with Morgan Stanley Wealth Management
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| Fees: | 1.5%
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| Cusip: | 06742W604
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