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Barclays to price contingent income autocallables tied to Celgene
By Marisa Wong
Madison, Wis., March 7 - Barclays Bank plc plans to price contingent income autocallable securities due March 20, 2017 linked to the common stock of Celgene Corp., according to an FWP filing with the Securities and Exchange Commission.
If Celgene stock closes at or above the downside threshold level, 70% of the initial share price, on any quarterly determination date, the notes will pay a contingent payment of at least $0.26125 per $10 note for that quarter. The exact contingent payment will be set at pricing.
If the closing share price is greater than or equal to the initial share price on any quarterly determination date other than the final date, the notes will be automatically redeemed at par of $10 plus the contingent payment.
If the notes are not called and the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the contingent payment. Otherwise, the payout will be a number of Celgene shares equal to $10 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
Barclays is the agent with Morgan Stanley Wealth Management as dealer.
The notes will price March 14 and settle March 19.
The Cusip number is 06742B352.
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