By William Gullotti
Buffalo, N.Y., May 30 – Barclays Bank plc priced $1.23 million autocallable contingent interest notes due May 7, 2026 linked to the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a quarterly contingent interest payment at an annual rate of 10.48% if the stock closes at or above its coupon barrier, 50% of its initial price, on the relevant review date. Investors will also receive any previously unpaid interest payments.
If the stock closes at or above its initial level on any quarterly review date, the notes will be automatically called at par plus the contingent interest payment and previously unpaid interest payments.
The payout at maturity will be par plus the contingent interest payment and any previously unpaid interest payments if the final level of the stock finishes at or above its final barrier, 50% of its initial price.
Otherwise, investors will lose 1% for every 1% decline from initial level.
Barclays Bank plc is the agent. JP Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | General Motors Co.
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| Amount: | $1,225,000
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| Maturity: | May 7, 2026
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| Coupon: | 10.48% annual rate, payable quarterly if stock closes at or above coupon barrier on review date for that quarter; coupon payment events will also include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus interest payment and any previously unpaid interest payments if stock finishes at or above final barrier; otherwise, investors will lose 1% for every 1% decline from initial level
|
| Call: | At par plus interest payment and any previously unpaid interest payments if stock closes at or above initial level on quarterly review date
|
| Initial price: | $31.69
|
| Coupon barrier: | $15.85; 50% of initial price
|
| Final barrier: | $15.85; 50% of initial price
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| Pricing date: | May 4
|
| Settlement date: | May 9
|
| Agent: | Barclays
|
| Placement agents: | JP Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 2%
|
| Cusip: | 06741W4N7
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