By Susanna Moon
Chicago, May 21 - Barclays Bank plc priced $8 million of contingent income autocallable securities due May 20, 2016 linked to Ford Motor Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will a contingent payment of 2.375% for each quarter that Ford stock closes at or above the downside threshold level - 75% of the initial share price - on a quarterly determination date.
If the stock closes at or above the initial share price on any quarterly determination date, the notes will be redeemed at par plus the contingent payment.
The payout at maturity will be par plus the contingent payment unless the final share price is less than the downside threshold level, in which case the payout will be a number of Ford shares equal to the principal amount of notes divided by the initial share price or, at Barclays' option, the cash value of those shares.
Barclays is the agent with Morgan Stanley Smith Barney LLC as dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Ford Motor Co. (Symbol: F)
|
| Amount: | $7,999,990
|
| Maturity: | May 20, 2016
|
| Coupon: | 2.375% for each quarter that closing price is at least 70% of initial price on quarterly determination date
|
| Price: | Par
|
| Payout at maturity: | If shares finish at or above barrier level, par plus contingent quarterly payment; otherwise, full exposure to losses
|
| Initial price: | $15.08
|
| Barrier level: | $11.31, 75% of initial share price
|
| Call: | Par plus contingent payment if closing share price greater than initial share price on quarterly determination dates
|
| Pricing date: | May 17
|
| Settlement date: | May 22
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.25%
|
| Cusip: | 06742C228
|
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