Published on 5/29/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 12.5% autocallable notes on three securities
By Toni Weeks
San Luis Obispo, Calif., May 29 - Barclays Bank plc priced $1 million of autocallable notes due May 29, 2015 linked to the worst-performing of three equity securities, according to a 424B2 filing with the Securities and Exchange Commission.
The three securities are the common stock of Amgen Inc., Regeneron Pharmaceuticals, Inc. and Celgene Corp.
The notes carry a coupon of 12.5% per year, payable monthly.
If each stock closes at or above its initial price on a quarterly observation date, the notes will be called at par.
If the notes are not called and each stock finishes at or above its barrier price, 70% of its initial price, the payout at maturity will be par. Otherwise, investors will receive a number of shares of the worst-performing stock equal to the principal amount divided by the initial price of the worst-performing stock or, at the issuer's option, the cash value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable notes
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| Underlying stocks: | Amgen Inc. (Symbol: AMGN), Regeneron Pharmaceuticals, Inc. (Symbol: REGN) and Celgene Corp. (Symbol: CELG)
|
| Amount: | $1 million
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| Maturity: | May 29, 2015
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| Coupon: | 12.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above barrier price, par; otherwise, a number of shares of the worst-performing stock equal to the physical delivery amount of the worst-performing stock or, at the issuer's option, the cash value of those shares
|
| Call: | Automatically at par if each stock closes at or above initial share price on quarterly observation date
|
| Physical delivery amount: 8.62887 shares for Amgen, 3.24739 shares for Regeneron and 6.44621 shares for Celgene; equal to $1,000 divided by initial share price
|
| Initial share prices: | $115.89 for Amgen, $307.94 for Regeneron and $155.13 for Celgene
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| Barrier prices: | $81.12 for Amgen, $215.56 for Regeneron and $108.59 for Celgene; 70% of initial prices
|
| Pricing date: | May 27
|
| Settlement date: | May 30
|
| Agent: | Barclays
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| Fees: | 2.8%
|
| Cusip: | 06741J7T0
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