By Marisa Wong
Los Angeles, Oct. 29 – Barclays Bank plc priced $10 million of autocallable contingent interest notes due Nov. 1, 2021 linked to the American Depositary Shares of Alibaba Group Holding Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
If the shares close at or above the coupon barrier price, 80% of the initial share price, on a quarterly review date, the issuer will pay a contingent coupon for that quarter at an annualized rate of 12.3% along with any previously unpaid contingent coupons.
If the shares close at or above the initial price on any quarterly review date other than the final one, the notes will be called at par.
The payout at maturity will be par unless the shares finish below the 80% buffer value, in which case investors will lose 1.25% for every 1% share price decline beyond 20%.
Barclays is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as placement agents.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent interest notes
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| Underlying ADSs: | Alibaba Group Holding Ltd. (Symbol: BABA)
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| Amount: | $10 million
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| Maturity: | Nov. 1, 2021
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| Coupon: | 12.3% per year, payable each quarter that shares close at or above coupon barrier on review date for that quarter, in which case any previously unpaid coupons will also be paid
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless shares finish below buffer price, in which case 1.25% loss for every 1% decline beyond 20%
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| Call: | At par if the shares close at or above the initial price on any quarterly review date other than the final one
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| Initial price: | $306.87
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| Coupon barrier: | $245.50, 80% of initial price
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| Trigger price: | $245.50, 80% of initial price
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| Pricing date: | Oct. 28
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| Settlement date: | Oct. 30
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| Agents: | Barclays with J.P. Morgan Securities LLC with JPMorgan Chase Bank, NA as placement agents
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| Fees: | 0.5%
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| Cusip: | 06747QNK9
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