By Wendy Van Sickle
Columbus, Ohio, March 17 – Barclays Bank plc priced $10 million of contingent income autocallable securities due March 17, 2022 linked to the VanEck Vectors Oil Services ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at an annual rate of 14.75% if the fund closes at or above its downside threshold level, 70% of its initial share price, on the observation date that month. Previously unpaid coupons will also be paid.
The notes will be automatically called at par if the fund closes at or above its initial share price on any monthly observation date.
If the fund finishes at or above the downside threshold level, the payout at maturity will be par. Otherwise, investors will receive a number of shares of the ETF equal to $1,000 divided by the downside threshold level or, at the issuer’s option, an amount in cash equal to the value of those shares.
Barclays is the agent. Morgan Stanley Wealth Management is acting as a selected dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income autocallable securities
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Underlying fund: VanEck Vectors Oil Services ETF
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Amount: | $10 million
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Maturity: | March 17, 2022
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Coupon: | 14.75% annual rate, payable monthly if fund closes at or above downside threshold level on observation date that month; previously unpaid coupons will also be paid
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Price: | Par
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Payout at maturity: | If fund finishes at or above downside threshold level, par; otherwise, 6.40845 fund shares or, at issuer’s option, amount in cash equal to value of those shares
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Call: | Automatically at par if fund closes at or above initial share price on any monthly observation date
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Initial share price: | $222.92
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Downside threshold: | $156.044, 70% of initial share price
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Pricing date: | March 12
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Settlement date: | March 17
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 0.2%
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Cusip: | 06741WRY8
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