By Toni Weeks
San Luis Obispo, Calif., July 28 – Barclays Bank plc priced $1.8 million of contingent income autocallable securities due Aug. 1, 2016 linked to Mobileye NV ordinary shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 3% if Mobileye stock closes at or above the 70% downside threshold level on the determination date for that quarter.
If the shares close at or above the initial value 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 Mobileye stock finishes at or above 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 Mobileye 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.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Mobileye NV (Symbol: MBLY)
|
| Amount: | $1,800,530
|
| Maturity: | Aug. 1, 2016
|
| Coupon: | 12% annualized for each quarter that stock closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus contingent coupon if stock finishes at or above downside threshold level; otherwise, Mobileye shares equal to $10 divided by the initial price or, at issuer’s option, cash equivalent
|
| Call: | At par plus contingent payment if stock closes at or above initial share price on any quarterly determination date other than the final determination date
|
| Initial price: | $60.39
|
| Downside threshold: | $42.273, 70% of initial price
|
| Pricing date: | July 24
|
| Settlement date: | July 29
|
| Agent: | Barclays with Morgan Stanley Wealth Management handling distribution
|
| Fees: | 1.75%
|
| Cusip: | 06743Q853
|
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