By Wendy Van Sickle
Columbus, Ohio, Sept. 7 – Barclays Bank plc priced $4.38 million of contingent income autocallable securities due Sept. 8, 2017 linked to Dow Chemical Co. 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 8.1% if the stock closes at or above its downside threshold level, 80% of its initial level, on the review date for that quarter.
The notes will be called at par if the stock closes at or above its initial level on any determination date other than the final date.
The payout at maturity will be par unless the shares finish below the 80% downside threshold level, in which case investors will be fully exposed to any losses.
Barclays is the agent with Morgan Stanley Wealth Management as dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Dow Chemical Co. (Symbol: DOW)
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| Amount: | $4,377,800
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| Maturity: | Sept. 8, 2017
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| Coupon: | 8.1% per year, payable quarterly if Dow Chemical shares close at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final share price is less than initial share price
|
| Call: | At par plus contingent coupon if Dow Chemical shares close at or above initial share price on any quarterly determination date other than final determination date
|
| Initial share price: | $54.18
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| Downside threshold: | $43.344, 80% of initial share price
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| Pricing date: | Sept. 2
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| Settlement date: | Sept. 8
|
| Agent: | Barclays
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 1.75%
|
| Cusip: | 06745B557
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