By Toni Weeks
San Luis Obispo, Calif., July 15 – Barclays Bank plc priced $5.06 million of contingent income autocallable securities due July 17, 2017 with step-up redemption threshold level linked to Ford Motor Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 2.0125% if Ford Motor stock closes at or above the 80% barrier level on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above its redemption threshold level on any quarterly determination date other than the final date.
The redemption threshold will be 105% of the initial share price for the first four determination dates, stepping up to 110% of the initial share price for the next four determination dates and to 115% of the initial price for the three determination dates after that.
If the notes are not called and Ford Motor stock finishes at or above the 80% barrier level, the payout at maturity will be par plus the contingent payment.
Otherwise, investors will receive a number of shares of Ford Motor stock equal to $10 divided by the initial share price or, at the issuer's option, the cash 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: | $5,061,450
|
| Maturity: | July 17, 2017
|
| Contingent payment: | 8.05% annualized for quarter if Ford stock closes at or above barrier level on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus contingent coupon if Ford stock finishes at or above barrier level; otherwise a number of Ford shares equal to $10 divided by initial price or, at issuer’s option, equivalent cash value
|
| Call: | At par plus contingent payment if Ford stock closes at or above redemption threshold on any determination date
|
| Initial share price: | $17.47
|
| Barrier level: | $13.98, 80% of initial price
|
| Redemption thresholds: | $18.34 (105% of initial share price) for first four determination dates, stepping up to $19.22 (110% of initial share price) for next four determination dates and $20.09 (115% of initial price) for final three determination dates
|
| Pricing date: | July 11
|
| Settlement date: | July 16
|
| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
|
| Fees: | 2.25%
|
| Cusip: | 06742W448
|
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