By Marisa Wong
Madison, Wis., March 31 – Barclays Bank plc priced $5.26 million of autocallable contingent income securities due March 31, 2016 linked to the class A common stock of Yelp Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 14% if Yelp shares close at or above the downside threshold level, 65% of the initial share price, on the determination date for that quarter.
The notes will be automatically called at par plus the contingent coupon if Yelp shares close at or above the initial share price on any determination date other than the final date.
If the final share price is greater than or equal to the 65% downside threshold level, the payout at maturity will be par plus the final contingent interest payment. Otherwise, investors will receive a number of Yelp shares equal to $10 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Barclays is the agent with Morgan Stanley Wealth Management as dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Yelp Inc. (Symbol: YELP)
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| Amount: | $5,262,350
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| Maturity: | March 31, 2016
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| Coupon: | 14% annualized for each quarter that stock closes at or above downside threshold level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless the stock finishes below downside threshold level, in which case number of Yelp shares equal to $10 divided by initial share price or, at issuer’s option, cash value of those shares
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| Call: | At par plus contingent payment if the stock closes at or above initial level on any determination date other than final date
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| Initial level: | $47.16
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| Downside threshold level: $30.654, 65% of initial level
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| Pricing date: | March 27
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| Settlement date: | April 1
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| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
|
| Fees: | 1.75%
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| Cusip: | 06743P624
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