By Jennifer Chiou
New York, July 17 - Barclays Bank plc priced $21,335,850 of contingent income autocallable securities due July 16, 2015 linked to the common stock of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
If GE stock closes at or above the downside threshold level, 75% of the initial share price, on a quarterly determination date, investors will receive a contingent payment of $0.266 for each $10.00 note. Otherwise, no contingent payment will be made that quarter.
If the closing share price is greater than or equal to the initial share price on any of the first 11 quarterly determination dates, the notes will be automatically redeemed at par 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. If the final share price is less than the downside threshold level, the payout will be a number of GE shares equal to $10.00 divided by the initial share price or, at Barclays' option, a cash amount equal to the value of those shares.
Barclays Capital Inc. is the agent. Morgan Stanley Smith Barney LLC is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | General Electric Co. (NYSE: GE)
|
| Amount: | $21,335,850
|
| Maturity: | July 16, 2015
|
| Contingent payment: | If GE stock closes at or above downside threshold level on quarterly determination date, $0.266 per note; otherwise, no contingent payment will be made 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, GE shares equal to $10.00 divided by the initial share price or cash amount equal to value of those shares
|
| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on any of the first 11 quarterly determination dates
|
| Initial share price: | $19.77
|
| Downside threshold level: | $14.828, 75% of initial share price
|
| Pricing date: | July 13
|
| Settlement date: | July 18
|
| Agent: | Barclays Capital Inc.
|
| Dealer: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.25%
|
| Cusip: | 06742A818
|
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