By Toni Weeks
San Luis Obispo, Calif., March 25 - Barclays Bank plc priced $9.77 million of contingent income autocallable securities due March 24, 2017 linked to the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
If Ford stock closes at or above the downside threshold level, 80% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment of $0.2325 per $10 note for that quarter, equivalent to 9.3% per year.
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 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 Ford 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: | Ford Motor Co. (Symbol: F)
|
| Amount: | $9,769,080
|
| Maturity: | March 24, 2017
|
| Contingent coupon: | 2.325% (9.3% per year), payable quarterly if Ford 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 Ford 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 of first 11 quarterly determination dates
|
| Initial share price: | $15.47
|
| Downside threshold level: | $12.38, 80% of initial share price
|
| Pricing date: | March 21
|
| Settlement date: | March 26
|
| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
|
| Fees: | 2.25%
|
| Cusip: | 06742B253
|
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