Published on 3/27/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.54 million autocallable notes linked to two stocks
By Jennifer Chiou
New York, March 27 – Barclays Bank plc priced $2,543,000 of 17.2% annualized autocallable notes due Sept. 30, 2015 linked to the lesser performing of Vipshop Holdings Ltd. and Applied Materials, Inc. shares, according to a 424B2 filing with the Notes and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on any of the monthly call valuation dates beginning on June 25, 2015.
If the notes are not called and neither stock finishes below its barrier price, 75% of the initial price, the payout at maturity will be par.
If the lesser-performing stock finishes down by more than 25%, investors will receive shares equal to $1,000 divided by that stock’s initial price or, at the issuer’s option, the equivalent in cash.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable notes
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| Underlying stocks: | Vipshop Holdings Ltd. (Symbol: VIPS) and Applied Materials, Inc. (Symbol: AMAT)
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| Amount: | $2,543,000
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| Maturity: | Sept. 30, 2015
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| Coupon: | 17.2%, payable monthly
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| Price: | Par
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| Payout at maturity: | If lesser-performing stock finishes at or above the barrier price, par; otherwise, a number of shares of the lesser-performing stock equal to $1,000 divided by its initial price or cash payment equal to that return
|
| Call: | At par plus coupon if each stock closes at or above its initial price on any of the monthly call valuation dates beginning on June 25, 2015
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| Initial prices: | $28.37 for Vipshop, $22.63 for Applied Materials
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| Barrier prices: | $21.28 for Vipshop, $16.97 for Applied Materials; 75% of initial levels
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| Exchange ratios: | 35.2485 for Vipshop, 44.8913 for Applied Materials
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| Pricing date: | March 25
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| Settlement date: | March 30
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| Agent: | Barclays
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| Fees: | 2.5%
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| Cusip: | 06741UTC8
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