By Wendy Van Sickle
Columbus, Ohio, July 25 – Barclays Bank plc priced $9.97 million of 0% contingent income callable securities due July 26, 2018 linked to Wynn Resorts, Ltd. stock, according to a 424B2 with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 12% if the stock closes at or above the downside threshold level, 70% 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 the initial level on any determination date other than the final date.
The payout at maturity will be par unless the stock finishes below its 70% 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
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Wynn Resorts, Ltd.
|
| Amount: | $9,970,710
|
| Maturity: | July 26, 2018
|
| Coupon: | 12% per year, payable quarterly if shares close at or above initial level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, full exposure to any losses
|
| Call: | At par plus contingent coupon if shares close at or above call levels on any determination date other than the final date
|
| Initial share price: | $134.14
|
| Downside threshold: | $93.898, 70% of initial share price
|
| Pricing date: | July 21
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| Settlement date: | July 26
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Smith Barney LLC
|
| Fees: | 1.75%
|
| Cusip: | 06746L505
|
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