By Susanna Moon
Chicago, July 14 – Barclays Bank plc priced $13.71 million of contingent income autocallable securities due July 13, 2018 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.15% if the shares close at or above the 80% barrier level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any determination date other than the final determination date.
The payout at maturity will be par plus the final coupon unless the shares finish below the 80% barrier level, in which case investors will receive a number of Apple shares equal to $10 divided by the initial price or, at the issuer’s option, the cash equivalent.
RBC Capital Markets, LLC is the agent with Morgan Stanley Wealth Management handling distribution.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income auto-callable securities
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| Underlying stock: | Apple Inc. (Symbol: AAPL)
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| Amount: | $13,708,900
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| Maturity: | July 13, 2018
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| Coupon: | 8.15% annualized for each quarter that stock closes at or above barrier level on determination date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par plus contingent coupon if stock finishes at or above barrier level; otherwise, Apple shares equal to $10 divided by the initial price
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| Call: | At par plus contingent payment if stock closes at or above initial share price on any determination date other than the final determination date
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| Initial level: | $123.28
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| Barrier level: | $98.624, 80% of initial level
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| Pricing date: | July 10
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| Settlement date: | July 15
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| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
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| Fees: | 2%
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| Cusip: | 06743Q804
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