Published on 6/2/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.75 million autocallable notes linked to three stocks
By Marisa Wong
Madison, Wis., June 2 – Barclays Bank plc priced $3.75 million of 18.25% autocallable notes due Nov. 27, 2015 linked to the least performing of Alexion Pharmaceuticals, Inc., JetBlue Airways Corp. and Apple Inc. 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 Aug. 26, Sept. 24 or Oct. 26.
A knock-in event occurs if any underlying stock closes below its barrier price, 75% of the initial price, on any day during the life of the notes.
The payout at maturity will be par unless the final price of the least-performing stock is less than its initial price and a knock-in event occurs, in which case the payout will be 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: | Alexion Pharmaceuticals, Inc. (Symbol: ALXN), JetBlue Airways Corp. (Symbol: JBLU) and Apple Inc. (Symbol: AAPL)
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| Amount: | $3,745,000
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| Maturity: | Nov. 27, 2015
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| Coupon: | 18.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless final price of the least-performing stock is less than its initial price and a knock-in event occurs, in which case 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
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| Knock-in event: | Any underlying stock closes below its barrier price on any day during the life of the notes
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| Call: | At par plus coupon if each stock closes at or above its initial price on Aug. 26, Sept. 24 or Oct. 26
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| Initial prices: | $168.12 for Alexion, $20.18 for JetBlue, $132.045 for Apple
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| Barrier prices: | $126.09 for Alexion, $15.14 for JetBlue, $99.03 for Apple; 75% of initial prices
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| Exchange ratios: | 5.94813 for Alexion, 49.55401 for JetBlue, 7.57318 for Apple
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| Pricing date: | May 27
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| Settlement date: | May 29
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| Agent: | Barclays
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| Fees: | 2.5%
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| Cusip: | 06741WAW0
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