By Angela McDaniels
Tacoma, Wash., June 17 – Barclays Bank plc priced $9.42 million of contingent income autocallable securities due June 16, 2017 linked to the American Depositary Shares of Vale SA, according to a 424B2 filing with the Securities and Exchange Commission.
If Vale ADSs close at or above the downside threshold level, 75% of the initial ADS price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 11%.
The notes will be called at par of $10 plus the contingent coupon if Vale ADSs close at or above the initial ADS price on any quarterly determination date other than the final determination date.
If the final ADS price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will receive a number of Vale ADSs equal to $10 divided by the initial ADS price or, at the issuer’s option, a cash amount equal to the value of those ADSs.
Barclays is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Barclays: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying ADSs: | Vale SA (Symbol: VALE)
|
| Amount: | $9,415,500
|
| Maturity: | June 16, 2017
|
| Coupon: | 11% per year, payable quarterly if Vale ADSs close at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final ADS price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, number of Vale ADSs equal to $10 divided by initial ADS price or, at issuer’s option, cash amount equal to value of those ADSs
|
| Call: | Automatically at par plus contingent coupon if Vale ADSs close at or above initial share price on any quarterly determination date other than final determination date
|
| Initial ADS price: $12.81
|
| Downside threshold: | $9.61, 75% of initial ADS price
|
| Pricing date: | June 13
|
| Settlement date: | June 18
|
| Agent: | Barclays
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.25%
|
| Cusip: | 06742W745
|
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