Published on 9/29/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $8 million 8.75% autocallables due 2016 on four stocks
By Susanna Moon
Chicago, Sept. 29 – Barclays Bank plc priced $8 million of 8.75% autocallable notes due March 30, 2016 linked to the worst performing of four common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying companies are Exxon Mobil Corp., Chevron Corp., BP plc and Valero Energy Corp.
Interest is payable monthly.
If each stock closes at or above its initial price on a quarterly observation date, the notes will be called at par.
The payout at maturity will be par unless any stock finishes below its barrier level, 70% of its initial price, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by the initial price or, at the issuer's option, the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable notes
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| Underlying stocks: | Exxon Mobil Corp. (Symbol: XOM), Chevron Corp. (Symbol: CVX), BP plc (Symbol: BP) and the common stock of Valero Energy Corp. (Symbol: VLO)
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| Amount: | $8 million
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| Maturity: | March 30, 2016
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| Coupon: | 8.75%, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above barrier price, par; otherwise, a number of shares of the worst performing stock equal to the physical delivery amount
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| Call: | At par if each stock closes at or above initial share price on quarterly observation date
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| Physical delivery amount: | 10.43623 for Exxon Mobil, 8.16993 for Chevron, 21.97319 for BP and 21.34472 for Valero; equal to $1,000 divided by initial share price
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| Barrier levels: | 70% of initial levels
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| Pricing date: | Sept. 24
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| Settlement date: | Sept. 29
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| Agent: | Barclays
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| Fees: | 2.8%
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| Cusip: | 06741UJM7
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