By Marisa Wong
Los Angeles, Aug. 18 – Barclays Bank plc priced $48.82 million of contingent income autocallable securities due Aug. 16, 2024 linked to Tesla, Inc. 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 14% if the underlying stock closes at or above 50% of its initial value on the related quarterly observation date.
If the underlying stock closes at or above its initial value on any quarterly determination date other than the final one, the securities will be redeemed at par plus the contingent quarterly payment.
If the underlying stock finishes at or above the 50% downside threshold level, the payout at maturity will be par plus the contingent quarterly payment. Otherwise, investors will be fully exposed to any losses.
Barclays is the agent with Morgan Stanley Wealth Management as selected dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income auto-callable securities
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Underlying index: | Tesla, Inc. (Symbol: TSLA)
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Amount: | $48,816,310
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Maturity: | Aug. 16, 2024
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Coupon: | 14% annualized, payable each quarter that stock closes at or above downside threshold on related quarterly determination date
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Price: | Par of $10
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Payout at maturity: | Par plus contingent coupon if underlying stock finishes at or above downside threshold; otherwise full exposure to any losses
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Call: | At par plus contingent coupon if underlying stock closes at or above initial price on any quarterly determination date
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Initial price: | $717.17
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Downside threshold: | $358.585, 50% of initial price
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Pricing date: | Aug. 13
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Settlement date: | Aug. 18
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Agent: | Barclays
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 2.5%
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Cusip: | 06747W138
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