Barclays plans contingent income autocallables linked to Pandora Media

By Toni Weeks

San Luis Obispo, Calif., Nov. 18 – Barclays Bank plc plans to price contingent income autocallable securities due Nov. 27, 2017 linked to Pandora Media, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of at least 16.5% if the stock closes at or above its 75% downside threshold level on the determination date for that quarter. The exact coupon will be set at pricing.

The notes will be called at par plus the contingent coupon if the stock closes at or above its redemption threshold level – 90% of the initial level – on any quarterly determination date other than the final date.

The payout at maturity will be par plus the final coupon unless the stock finishes below the 75% downside threshold level, in which case investors will receive a number of shares of Pandora 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.

The notes will price on Nov. 21 and settle on Nov. 26.

The Cusip number is 06742Y436.

© 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.