Published on 1/29/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.55 million 9% autocallables linked to four banking stocks
By Angela McDaniels
Tacoma, Wash., Jan. 29 – Barclays Bank plc priced $4.55 million of 9% autocallable notes due July 29, 2016 linked to the lesser performing of the common stocks of Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co., according a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if each stock closes at or above its initial price on any quarterly observation date.
The payout at maturity will be par unless the least-performing stock finishes below its barrier price, 70% of its initial price, in which case investors will lose 1% for every 1% that the least-performing stock declines or, at the issuer’s option, receive a number of shares of the least-performing stock equal to $1,000 divided by the initial price of that stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable notes
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| Underlying stocks: | Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co.
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| Amount: | $4.55 million
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| Maturity: | July 29, 2016
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| Coupon: | 9%, payable monthly
|
| Price: | Par
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| Payout at maturity: | Par unless least-performing stock finishes below barrier price, in which case investors will lose 1% for every 1% that least-performing stock declines or, at issuer’s option, receive number of shares of least-performing stock equal to $1,000 divided by initial price of that stock
|
| Call: | Automatically at par if each stock closes at or above initial price on any quarterly observation date
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| Initial share prices: | $15.63 for Bank of America, $48.31 for Citigroup, $52.97 for Wells Fargo and $56.20 for JPMorgan
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| Barrier prices: | $10.94 for Bank of America, $33.82 for Citigroup, $37.08 for Wells Fargo and $39.34 for JPMorgan; 70% of initial share prices
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| Pricing date: | Jan. 27
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| Settlement date: | Jan. 30
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| Agent: | Barclays
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| Fees: | 2.69%
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| Cusip: | 06741UPX6
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