By Susanna Moon
Chicago, March 24 – Barclays Bank plc priced $3.56 million of contingent income autocallable securities due March 23, 2018 linked to Applied Materials, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.5% if United Rentals shares close at or above the barrier level, 70% of the initial share price, on a determination date for that quarter.
The notes will be called at par of $10 plus the contingent coupon if Applied Materials shares close at or above the initial share price on any quarterly determination date other than the final determination date.
If the stock finishes at or above its barrier level, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will receive a number of Applied Materials shares equal to $10 divided by the initial share price or, at the issuer’s option, a cash equivalent.
Barclays is the agent. Morgan Stanley Smith Barney LLC is a dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income autocallable securities
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Underlying stock: | Applied Materials, Inc. (Symbol: AMAT)
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Amount: | $3,555,000
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Maturity: | March 23, 2018
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Coupon: | 11.5% per year, payable quarterly if Applied Materials shares close at or above downside threshold level on determination date for that quarter
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Price: | Par of $10.00
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Payout at maturity: | If stock finishes at or above barrier level, par plus final contingent coupon; otherwise, number of Applied Materials shares equal to $10 divided by initial share price
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Call: | At par plus contingent coupon if Applied Materials shares close at or above initial share price on any quarterly determination date other than final determination date
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Initial level: | $24.12
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Barrier level: | $16.884, 70% of initial level
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Pricing date: | March 20
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Settlement date: | March 25
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Smith Barney LLC
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Fees: | 2%
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Cusip: | 06740D269
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