Published on 3/19/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.05 million annual autocallables tied to Hang Seng, MSCI Taiwan
By Marisa Wong
Madison, Wis., March 19 - Barclays Bank plc priced $1.05 million of 0% annual autocallable notes due March 23, 2017 linked to the lesser performing of the Hang Seng China Enterprises index and the MSCI Taiwan index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus 13.8% per year if each index closes at or above the call level on an annual call valuation date. The call level is 100% of the initial level on the first call date, 95% of the initial level on the second call date and 90% of the initial level on the third call date.
The payout at maturity will be par unless the worse performing index finishes below the 75% barrier level, in which case investors will be fully exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Annual autocallable notes
|
| Underlying indexes: | Hang Seng China Enterprises index and MSCI Taiwan index
|
| Amount: | $1.05 million
|
| Maturity: | March 23, 2017
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par if lesser performing index finishes at or above barrier level; otherwise, full exposure to losses of lesser performing index
|
| Call: | Par plus call premium of 13.8% per year if both indexes close at or above call level on an annual call valuation date; call level is 100% of initial level on first call date, 95% of initial level on second call date and 90% of initial level on third call date
|
| Initial index levels: | 9,342.28 for Hang Seng and 307.35 for MSCI Taiwan
|
| Barrier levels: | 7,006.71 for Hang Seng and 230.51 for MSCI Taiwan; or 75% of initial levels
|
| Call levels: | 9,342.28 for Hang Seng and 307.35 for MSCI Taiwan on March 23, 2015 call date; 8,875.17 for Hang Seng and 291.98 for MSCI Taiwan on March 18, 2016 call date; 8,408.05 for Hang Seng and 276.62 for MSCI Taiwan on March 20, 2017 call date
|
| Pricing date: | March 18
|
| Settlement date: | March 21
|
| Agent: | Barclays
|
| Fees: | 2.5%
|
| Cusip: | 06741UAK0
|
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