By Susanna Moon
Chicago, Aug. 26 – Barclays Bank plc priced $1.05 million of contingent income autocallable securities due Aug. 24, 2018 linked to SanDisk Corp. 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 11.65% if the shares close at or above the 70% barrier level on the determination 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 date.
The payout at maturity will be par plus the final coupon unless the shares finish below the 70% barrier level, in which case investors will receive a number of SanDisk shares equal to $10 divided by the initial price or, at the issuer’s option, the cash equivalent.
Barclays 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: | SanDisk Corp. (Symbol: SNDK)
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| Amount: | $1,048,500
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| Maturity: | Aug. 24, 2018
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| Coupon: | 11.65% 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, 0.20387 SanDisk shares
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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 date
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| Initial level: | $49.05
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| Barrier level: | $34.335, 70% of initial price
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| Pricing date: | Aug. 21
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| Settlement date: | Aug. 26
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| Agent: | Barclays with Morgan Stanley Wealth Management handling distribution
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| Fees: | 2%
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| Cusip: | 06743Q713
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