By Wendy Van Sickle
Columbus, Ohio, June 14 – Barclays Bank plc priced $4.97 million of contingent income autocallable securities due June 12, 2020 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.05% if the ETF closes at or above the downside threshold level, 75% 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 the shares close at or above 95% of the initial level on any determination date other than the final date.
The payout at maturity will be par unless the ETF finishes below its 75% downside threshold, in which case investors will be fully exposed to any losses.
Barclays is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
Issuer: | Barclays Bank plc
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Issue: | Contingent income autocallable securities
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Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production
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Amount: | $4,974,500
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Maturity: | June 12, 2020
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Coupon: | 8.05% per year, payable quarterly if 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 ETF finishes at or above downside threshold, par; otherwise, full exposure to any losses
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Call: | At par plus contingent coupon if shares close at or above 95% of initial level on any determination date other than the final date
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Initial share price: | $32.61
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Downside threshold: | $24.458, 75% of initial share price
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Pricing date: | June 9
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Settlement date: | June 14
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Agent: | Barclays
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Dealer: | Morgan Stanley Smith Barney LLC
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Fees: | 2.5%
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Cusip: | 06746K515
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