By Wendy Van Sickle
Columbus, Ohio, June 17 – Barclays Bank plc priced $5 million of contingent income autocallable securities due June 21, 2021 linked to the common shares of Starbucks Corp. and Coca-Cola Co., according to a 424B2 filing with the Securities and Exchange Commission.
If the least-performing shares close at or above the downside threshold level, 70% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 9.75%.
The notes will be called at par of $10 plus the contingent coupon if the least-performing shares close at or above the initial share price on any quarterly determination date other than the final determination date.
If the least-performing shares finish at or above the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price of the least-performing shares is less than the initial share price.
Barclays is the agent. Morgan Stanley Wealth Management is the selected dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income autocallable securities
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Underlying stocks: | Starbucks Corp. and Coca-Cola Co.
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Amount: | $5 million
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Maturity: | June 21, 2021
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Coupon: | 9.75% per year, payable quarterly if least-performing shares close 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 least-performing shares finish at or above downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final share price of least-performing shares is less than initial share price
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Call: | At par plus contingent coupon if least-performing shares close at or above initial share price on any quarterly determination date other than the final one
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Initial share prices: | $82.37 for Starbucks, $49.00 for Coca-Cola
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Downside thresholds: | $57.659 for Starbucks, $34.30 for Coca-Cola; 70% of initial share prices
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Pricing date: | June 9
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Settlement date: | June 12
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 1.75%
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Cusip: | 06747H420
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