By Angela McDaniels
Tacoma, Wash., April 17 – Barclays Bank plc priced $3.62 million of callable contingent coupon notes due April 20, 2017 linked to the common stock of HollyFrontier Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 12.2% if HollyFrontier shares close at or above the 65% barrier price on the valuation date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date.
The payout at maturity will be par unless HollyFrontier shares finish below the 65% barrier price, in which case investors will lose 1% for every 1% that the final share price is less than the initial share price or, at the issuer’s option, receive a number of HollyFrontier shares equal to $1,000 divided by the initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | HollyFrontier Corp. (Symbol: HFC)
|
| Amount: | $3.62 million
|
| Maturity: | April 20, 2017
|
| Coupon: | 12.2% per year, payable quarterly if closing price of HollyFrontier shares is greater than or equal to barrier price on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless HollyFrontier shares finish below barrier price, in which case full exposure to stock’s decline or, at issuer’s option, 26.55337 HollyFrontier shares
|
| Call option: | At par plus contingent coupon on any interest payment date
|
| Initial share price: | $37.66
|
| Barrier price: | $24.48, 65% of initial share price
|
| Pricing date: | April 15
|
| Settlement date: | April 20
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06741WAM2
|
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