By William Gullotti
Buffalo, N.Y., June 29 – Barclays Bank plc priced $10 million autocallable contingent interest notes due June 28, 2022 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a monthly contingent interest payment at an annual rate of 9.9% if the stock closes above its coupon barrier, 85% of its initial price, on the relevant review date. Investors will also receive any previously unpaid interest payments.
If the stock closes above its initial level on any monthly 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 closes at or above its final barrier, 85% of its initial price.
Otherwise, investors will lose 1.17647% for every 1% the stock declines below the buffer.
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
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| Underlying stock: | Bank of America Corp.
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| Amount: | $10 million
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| Maturity: | June 28, 2022
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| Coupon: | 9.9% annual rate, payable monthly if stock closes at or above coupon barrier on review date for that quarter; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par plus interest payment and any previously unpaid interest payments if stock finishes above final barrier; otherwise investors will lose 1.17647% for every 1% the stock declines below the buffer
|
| Call: | At par plus interest payment and any previously unpaid interest payments if stock finishes above initial level on monthly review date
|
| Initial price: | $40.20
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| Coupon barrier: | $34.17; 85% of initial price
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| Final barrier: | $34.17; 85% of initial price
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| Strike date: | June 23
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| Pricing date: | June 24
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| Settlement date: | June 29
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| Agent: | Barclays
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| Placement agents: | JP Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 0.25%
|
| Cusip: | 06748EZ30
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