By Jennifer Chiou
New York, July 22 – Barclays Bank plc priced $13,511,480 of contingent income autocallable securities due July 23, 2015 linked to Tesla Motors, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 4.125% if Tesla stock closes at or above the 70% barrier level on the determination date for that quarter.
If Tesla shares close at or above the initial price on any quarterly determination date other than the final one, the notes will be automatically redeemed at par of $10 plus the contingent payment.
If the notes are not called and Tesla stock finishes at or above the 70% barrier level, the payout at maturity will be par plus the contingent payment.
Otherwise, investors will receive a number of shares of Tesla stock equal to $10 divided by the initial share price or, at the issuer's option, the cash value of those shares.
Barclays is the agent with Morgan Stanley Wealth Management as dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Tesla Motors, Inc. (Symbol: TSLA)
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| Amount: | $13,511,480
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| Maturity: | July 23, 2015
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| Contingent payment: | 16.5% annualized for quarter if Tesla stock closes at or above barrier level on determination date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par plus contingent coupon if Tesla stock finishes at or above barrier level; otherwise a number of Tesla shares equal to $10 divided by initial price or, at issuer’s option, equivalent cash value
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| Call: | At par plus contingent payment if Tesla stock closes at or above the initial price on any determination date
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| Initial share price: | $220.04
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| Barrier level: | $154.03, 70% of initial price
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| Pricing date: | July 18
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| Settlement date: | July 23
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| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
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| Fees: | 1.5%
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| Cusip: | 06742W414
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