By Susanna Moon
Chicago, March 10 – Barclays Bank plc priced $1.51 million of contingent income autocallable securities due March 10, 2016 linked to Tesoro Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly payment at an annual rate of 14.35% if Tesoro shares close at or above the barrier level, 75% of the initial share price, on a determination date for that quarter.
The notes will be called at par of $10 plus the contingent coupon if Tesoro shares close at or above the initial share price on any of the first three determination dates.
If the stock finishes at or above the barrier level, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will receive a number of Tesoro shares equal to $10 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Barclays is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Tesoro Corp. (Symbol: TSO)
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| Amount: | $2,490,340
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| Maturity: | March 10, 2016
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| Coupon: | 14.35% per year, payable quarterly if Tesoro shares close at or above barrier level on determination date for that quarter
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| Price: | Par of $10.00
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| Payout at maturity: | If final share price is greater than or equal to barrier level, par plus final contingent coupon; otherwise, number of Tesoro shares equal to $10 divided by initial share price
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| Call: | At par plus contingent coupon if Tesoro shares close at or above initial share price on any of the first three determination dates
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| Initial share price: | $86.88
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| Barrier level: | $65.16, 75% of initial share price
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| Pricing date: | March 6
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| Settlement date: | March 11
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| Agent: | Barclays
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| Distribution: | Morgan Stanley Smith Barney LLC
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| Fees: | 1.25%
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| Cusip: | 06743P814
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