By Angela McDaniels
Tacoma, Wash., April 4 - Barclays Bank plc priced $1.29 million of callable contingent coupon notes due April 7, 2016 linked to the common stock of Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon of 2.2625% (equivalent to 9.05% per year) if the closing price of Morgan Stanley shares is greater than or equal to the barrier price, 75% of the initial share price, on the observation date for that quarter.
The notes are callable on any coupon payment date at par.
If the notes are not called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par. If the final share price is less than the barrier price, investors will receive a number of Morgan Stanley shares equal to $1,000 divided by the initial share price or, at Barclays' option, an amount in cash equal to the value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | Morgan Stanley. (NYSE: MS)
|
| Amount: | $1,292,000
|
| Maturity: | April 7, 2016
|
| Coupon: | 2.2625% per quarter (equivalent to 9.05% per year) if Morgan Stanley shares close at or above barrier price on observation date for that quarter
|
| Payout at maturity: | Par if final share price is greater than or equal to barrier price; otherwise, 32.31018 Morgan Stanley shares or, at Barclays' option, amount in cash equal to value of those shares
|
| Initial share price: | $30.95
|
| Barrier price: | $23.21, 75% of initial price
|
| Pricing date: | April 3
|
| Settlement date: | April 8
|
| Agent: | Barclays
|
| Fees: | 1.7%
|
| Cusip: | 06741J7D5
|
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