Barclays plans contingent income autocallables due 2018 tied to Apple

New York, July 6 – Barclays Bank plc plans to price contingent income autocallable securities due July 13, 2018 linked to Apple Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon of at least 2.0.375% if Apple stock closes at or above the 80% downside threshold level on the determination date for that quarter. The exact coupon will be set at pricing.

If the shares close at or above the initial price on any quarterly determination date other than the final date, the notes will be called at par plus the contingent coupon.

If the notes are not called and Apple stock finishes at or above the 80% downside threshold level, the payout at maturity will be par plus the contingent payment.

Otherwise, investors will receive a number of shares of Apple stock equal to $10 divided by the initial share price or, at the issuer’s option, the cash equivalent.

Barclays is the agent with Morgan Stanley Wealth Management as dealer.

The notes are expected to price on July 10 and settle on July 15.

The estimated initial value is between $9.450 and $9.661 per $10 principal amount.

The Cusip number is 06743Q804.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.