Published on 10/22/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.89 million 20% autocallables linked to eBay, Micron
By Angela McDaniels
Tacoma, Wash., Oct. 21 – Barclays Bank plc priced $2.89 million of 20% annualized autocallable notes due April 21, 2015 linked to the lesser performing of the common stocks of eBay Inc. and Micron Technology, Inc., according a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if each stock closes at or above its initial price on any monthly observation date.
The payout at maturity will be par unless either stock closes below its barrier price, 69% of its initial price, on any day during the life of the notes and the final share price of the lesser performing stock is less than its initial price, in which case investors will receive a number of shares of the lesser performing stock equal to $1,000 divided by the initial price of that stock or, at the issuer’s option, an amount in cash equal to the value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable notes
|
| Underlying stocks: | eBay Inc. (Symbol: EBAY) and Micron Technology, Inc. (NYSE: MU)
|
| Amount: | $2,886,000
|
| Maturity: | April 21, 2015
|
| Coupon: | 20%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless either stock closes below barrier price during life of notes and final share price of lesser performing stock is less than initial price, in which case number of shares of lesser performing stock equal to $1,000 divided by initial price of that stock or, at issuer’s option, amount in cash equal to value of those shares
|
| Call: | Automatically at par if each stock closes at or above initial price on any monthly observation date
|
| Initial share prices: | $47.88 for eBay and $28.30 for Micron
|
| Barrier prices: | $33.04 for eBay and $19.53 for Micron; 69% of initial share prices
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 22
|
| Agent: | Barclays
|
| Fees: | 2.64%
|
| Cusip: | 06741JX61
|
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