Chicago, June 15 – Barclays Bank plc priced $2.1 million of autocallable contingent interest notes due June 2, 2021 linked to the S&P 500 index., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if the index closes at or above its 70% coupon barrier on the review date for that quarter. Coupon payments will include unpaid contingent coupons.
The notes will be called at par plus the contingent coupon and unpaid coupons if the index closes at or above its initial level on any review date other than the final date.
The payout at maturity will be par unless the index finishes below its 70% trigger level, in which case investors will be fully exposed to any losses.
Barclays is the underwriter. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent interest notes
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| Underlying index: | S&P 500
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| Amount: | $2.1 million
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| Maturity: | June 2, 2021
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| Coupon: | 12% annualized, payable quarterly if index closes at or above 70% coupon barrier on review date that quarter, including previously unpaid contingent coupons
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon and unpaid coupons unless index finishes below trigger, in which case 1% loss for each 1% decline
|
| Call: | At par plus contingent coupon plus any unpaid coupons if each index closes at or above initial level on any review date other than final date
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| Initial levels: | 2,852.50
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| Coupon barrier: | 70% of initial level
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| Trigger level: | 70% of initial level
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| Pricing date: | May 15
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| Settlement date: | May 20
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 06747PUE7
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