By Kiku Steinfeld
Chicago, July 21 – Barclays Bank plc priced $5.81 million of 0% contingent income callable securities due May 31, 2024 linked to Wynn Resorts, Ltd. stock, according to a 424B2 with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 11.25% if the stock closes at or above the downside threshold level, 65% of the initial share price, on a determination date for that quarter.
The notes will be called at par of $10 plus the contingent coupon if the shares close at or above the initial level on any quarterly determination date other than the final date.
The payout at maturity will be par unless the stock finishes below its 65% downside threshold, in which case investors will be fully exposed to the stock’s losses.
Barclays is the agent. Morgan Stanley Wealth Management is a selected dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income autocallable securities
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Underlying stock: | Wynn Resorts, Ltd.
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Amount: | $5.81 million
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Maturity: | May 31, 2024
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Coupon: | 11.25% per year, payable quarterly if 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 stock finishes at or above downside threshold, par; otherwise, full exposure to stock’s losses
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Call: | At par plus contingent coupon if stock closes at or above initial level on any quarterly determination date other than the final date
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Initial share price: | $131.87
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Downside threshold: | $85.716, 65% of initial share price
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Pricing date: | May 28
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Settlement date: | June 3
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 2.5%
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Cusip: | 06747T465
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