By Toni Weeks
San Luis Obispo, Calif., June 4 - Barclays Bank plc priced $10.2 million of contingent income autocallable securities due June 2, 2017 linked to the common stock of CBS Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If CBS stock closes at or above the downside threshold level, 75% of the initial share price, on any quarterly determination date, the notes will pay a contingent payment of $0.2375 per $10 note for that quarter, equivalent to 9.5% per year.
If the closing share price is greater than or equal to the initial share price on any quarterly determination date other than the final date, the notes will be automatically redeemed at par of $10 plus the contingent payment.
If the notes are not called and the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the contingent payment. Otherwise, the payout will be a number of CBS shares equal to $10 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
Barclays is the agent with Morgan Stanley Wealth Management as dealer.
| Issuer: | Barclays Bank plc.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | CBS Corp. (Symbol: CBS)
|
| Amount: | $10,200,450
|
| Maturity: | June 2, 2017
|
| Contingent coupon: | 2.375% (9.5% per year), payable quarterly if CBS stock closes 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 contingent payment; otherwise, a number of CBS shares equal to $10 divided by the initial share price or, at the issuer's option, the equivalent cash value
|
| Call: | At par plus contingent payment if closing share price is greater than or equal to initial share price on any quarterly determination date other than final date
|
| Initial share price: | $59.61
|
| Downside threshold level: | $44.71, 75% of initial share price
|
| Pricing date: | May 30
|
| Settlement date: | June 4
|
| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
|
| Fees: | 2.25%
|
| Cusip: | 06742K154
|
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