Published on 1/22/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.1 million autocallable notes on three railway stocks
By Marisa Wong
Madison, Wis., Jan. 22 – Barclays Bank plc priced $7.1 million of 8.65% autocallable notes due July 25, 2016 linked to the least performing of Norfolk Southern Corp., Kansas City Southern and Union Pacific Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on any of the quarterly call valuation dates beginning on April 20.
If the notes are not called and each stock finishes at or above the barrier price, 70% of the initial price, the payout at maturity will be par.
Otherwise, investors will receive a number of shares of the least-performing stock equal to $1,000 divided by its initial price or, at the issuer’s option, par plus the return of the least-performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable notes
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| Underlying stocks: | Norfolk Southern Corp. (Symbol: NSC), Kansas City Southern (Symbol: KSU) and Union Pacific Corp. (Symbol: UNP)
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| Amount: | $7.1 million
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| Maturity: | July 25, 2016
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| Coupon: | 8.65%, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above the barrier price, par; otherwise, a number of shares of the least-performing stock equal to $1,000 divided by its initial price or cash payment equal to that return
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| Call: | At par plus coupon if each stock closes at or above its initial price on any of the quarterly call valuation dates beginning on April 20
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| Initial prices: | $103.45 for Norfolk Southern, $110.00 for Kansas City Southern, $113.95 for Union Pacific
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| Barrier prices: | $72.42 for Norfolk Southern, $77.00 for Kansas City Southern, $79.77 for Union Pacific; 70% of initial prices
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| Exchange ratios: | 9.66651 for Norfolk Southern, 9.09091 for Kansas City Southern, 8.77578 for Union Pacific
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| Pricing date: | Jan. 20
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| Settlement date: | Jan. 23
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| Agent: | Barclays
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| Fees: | 2.8%
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| Cusip: | 06741UPH1
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