By Susanna Moon
Chicago, June 18 - Barclays Bank plc priced $6.88 million of contingent income autocallable securities due June 17, 2016 linked to CBS Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will a contingent payment of 2.8625% for each quarter that CBS stock closes at or above the downside threshold level - 75% of the initial share price - on a quarterly determination date.
If the stock closes at or above the initial share price on any quarterly determination date, the notes will be redeemed at par plus the contingent payment.
The payout at maturity will be par plus the contingent payment unless the final share price is less than the downside threshold level, in which case the payout will be a number of CBS shares equal to the principal amount of notes divided by the initial share price or, at Barclays' option, the cash value of those shares.
Barclays is the agent with Morgan Stanley Smith Barney LLC as dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | CBS Corp. (Symbol: CBS)
|
| Amount: | $6,881,380
|
| Maturity: | June 17, 2016
|
| Coupon: | 2.8625% for each quarter that closing price is at least 75% of initial price on quarterly determination date
|
| Price: | Par
|
| Payout at maturity: | If shares finish at or above barrier level, par plus contingent quarterly payment; otherwise, full exposure to losses
|
| Initial level: | $47.72
|
| Barrier level: | $35.79, or 75% of initial level
|
| Pricing date: | June 14
|
| Settlement date: | June 19
|
| Agent: | Barclays with Morgan Stanley Smith Barney LLC as dealer
|
| Fees: | 2.25%
|
| Cusip: | 06742D861
|
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