Published on 10/15/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.37 million 8.1% autocallables tied to five stocks
By Marisa Wong
Madison, Wis., Oct. 15 – Barclays Bank plc priced $2.37 million of 8.1% autocallable notes due April 15, 2016 linked to the least performing of five common stocks, according a 424B2 filing with the Securities and Exchange Commission.
The reference assets are the common stocks of Exxon Mobil Corp., Chevron Corp., ConocoPhillips and Occidental Petroleum Corp. and the American Depositary Shares of BP plc.
Interest is payable monthly.
If each stock closes at or above its initial price on a quarterly observation date, the notes will be automatically called at par.
The payout at maturity will be par unless any stock finishes below its initial price and closes below the barrier price, 60% of the initial price, on any day during the life of the notes, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by the initial price or, at the issuer’s option, the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable notes
|
| Underlying stocks: | Exxon Mobil Corp. (Symbol: XOM), Chevron Corp. (Symbol: CVX), BP plc (Symbol: BP), ConocoPhillips (Symbol: COP) and Occidental Petroleum Corp. (Symbol: OXY)
|
| Amount: | $2,368,000
|
| Maturity: | April 15, 2016
|
| Coupon: | 8.1%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its initial price and closes below the barrier price on any day during the life of the notes, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by the initial price or, at the issuer’s option, the cash equivalent
|
| Call: | Automatically at par if each stock closes at or above its initial price on a quarterly observation date
|
| Initial prices: | $94.61 for Exxon, $117.95 for Chevron, $43.15 for BP, $74.53 for Conoco, $95.56 for Occidental
|
| Barrier prices: | $56.77 for Exxon, $70.77 for Chevron, $25.89 for BP, $44.72 for Conoco, $57.34 for Occidental; 60% of initial prices
|
| Exchange ratios: | 10.56971 for Exxon, 8.47817 for Chevron, 23.17497 for BP, 13.41742 for Conoco, 10.46463 for Occidental
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 16
|
| Agent: | Barclays
|
| Fees: | 2.1%
|
| Cusip: | 06741UKZ6
|
|
|
© 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.
