By Wendy Van Sickle
Columbus, Ohio, May 3 – Barclays Bank plc priced $8.12 million of contingent income autocallable securities due May 1, 2020 linked to Microsoft Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.75% if the stock closes at or above the downside threshold level, 80% of the initial share price, on a determination date for that quarter.
The notes will be called at par of $10 plus the contingent coupon if the shares close at or above the redemption level on any determination date other than the final date.
The redemption level will be 105% of the initial level for the first four redemption dates, stepping up to 110% of the initial level for the next four redemption dates and to 115% of the initial level for the final redemption dates.
The payout at maturity will be par unless the stock finishes below its 80% downside threshold, in which case investors will be fully exposed to any losses.
Barclays is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Microsoft Corp.
|
| Amount: | $8,155,740
|
| Maturity: | May 1, 2020
|
| Coupon: | 8.75% per year, payable quarterly if Microsoft shares close at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, full exposure to any losses
|
| Call: | At par plus contingent coupon if shares close at or above redemption level on any determination date other than the final date
|
| Call levels: | 105% of initial level for first four redemption dates, 110% of initial level for next four redemption dates and 115% of initial level for final redemption dates
|
| Initial share price: | $68.46
|
| Downside threshold: | $54.768, 80% of initial share price
|
| Pricing date: | April 28
|
| Settlement date: | May 3
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.5%
|
| Cusip: | 06746J534
|
|
|
© 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.
