By Kiku Steinfeld
Chicago, Aug. 31– Barclays Bank plc priced $13.17 million of contingent income autocallable securities due Aug. 24, 2023 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If BofA 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 10.55%.
The notes will be called at par of $10 plus the contingent coupon if BofA shares close at or above the initial share price on any quarterly determination date other than the final determination date.
The payout at maturity will be par plus the final coupon unless the shares finish below the 70% downside threshold level, in which case investors will lose 1% for every 1% that the final share price is less than the initial share price.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Bank of America Corp. (Symbol: BAC)
|
| Amount: | $13,165,430
|
| Maturity: | Aug. 24, 2023
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| Coupon: | 10.55% per year, payable quarterly if BofA shares close at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus the final coupon unless shares finish below the 70% downside threshold level, in which case 1% loss for every 1% that final share price is less than initial share price
|
| Call: | At par plus contingent coupon if BofA shares close at or above initial share price on any quarterly determination date other than final determination date
|
| Initial share price: | $3,284.72
|
| Downside threshold: | $2,299.304, 70% of initial share price
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| Pricing date: | Aug. 21
|
| Settlement date: | Aug. 26
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 0.25%
|
| Cusip: | 06747K209
|
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