By Marisa Wong
Madison, Wis., April 21 – Barclays Bank plc priced $6.49 million of contingent income autocallable securities due April 21, 2016 linked to the common stock of Tesla Motors, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Tesla stock closes at or above the downside threshold level, 70% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment of $0.4125 per $10 note for that quarter.
If the closing share price is greater than or equal to the initial share price on any quarterly determination date other than the final date, the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called and the final share price is greater than or equal to the 70% downside threshold level, the payout at maturity will be par plus the contingent payment. Otherwise, investors will receive a number of shares of Tesla 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 handling distribution.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
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| Underlying stock: | Tesla Motors, Inc. (Nasdaq: TSLA)
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| Amount: | $6,493,920
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| Maturity: | April 21, 2016
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| Coupon: | 4.125% for each quarter that stock closes at or above downside threshold level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless the stock finishes below downside threshold level, in which case number of Tesla shares equal to $10 divided by initial share price or, at issuer’s option, cash value of those shares
|
| Call: | At par plus contingent payment if the stock closes at or above initial price on any of determination date other than final date
|
| Initial price: | $206.79
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| Downside threshold: | $144.753, 70% of initial level
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| Pricing date: | April 17
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| Settlement date: | April 22
|
| Agent: | Barclays with Morgan Stanley Wealth Management handling distribution
|
| Fees: | 1.75%
|
| Cusip: | 06743P517
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