By Marisa Wong
Madison, Wis., July 2 – Barclays Bank plc priced $7.26 million of contingent income autocallable securities due July 6, 2017 linked to Wynn Resorts, Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 3% if Wynn Resorts stock closes at or above the 75% downside threshold level on the determination date for that quarter.
If the stock closes at or above the initial share price on any quarterly determination date other than the final date, the notes will be redeemed at par of $10 plus the contingent payment.
If the notes are not called, the payout at maturity will be par plus the contingent payment unless the stock finishes below the downside threshold level, in which case the payout will be a number of Wynn Resorts shares equal to $10 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Barclays is the agent with distribution through Morgan Stanley Wealth Management.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
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| Underlying stock: | Wynn Resorts, Ltd. (Symbol: WYNN)
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| Amount: | $7,255,400
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| Maturity: | July 6, 2017
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| Coupon: | 3% per quarter if Wynn Resorts stock closes at or above downside threshold level on determination date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus contingent payment; otherwise, a number of Wynn Resorts shares equal to $10 divided by initial share price or, at issuer’s option, equivalent cash value
|
| Call: | At par plus contingent payment if shares close at or above initial price on any quarterly determination date other than final date
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| Initial share price: | $207.56
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| Downside threshold: | $155.67, 75% of initial share price
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| Pricing date: | June 30
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| Settlement date: | July 3
|
| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
|
| Fees: | 2.25%
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| Cusip: | 06742W588
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