By Kiku Steinfeld
Chicago, Aug. 28 – Barclays Bank plc priced $881,000 of autocallable contingent interest notes due Sept. 9, 2021 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier price – 70% 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 12.15%, in which case any previously unpaid coupons will also be paid.
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 stock closes below the 70% trigger price, in which case investors will be fully exposed to the share price decline.
Barclays is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as the placement agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent interest notes
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| Underlying stock: | Bank of America Corp. (Symbol: BAC)
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| Amount: | $881,000
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| Maturity: | Sept. 9, 2021
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| Coupon: | 12.15%, payable each quarter that stock closes at or above coupon barrier price on review date for that quarter, in which case any previously unpaid coupons will also be paid
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless stock closes below trigger price, in which case full exposure to share price decline
|
| Call: | If the shares close at or above the initial price on any quarterly review date other than the final one, notes will be called at par
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| Initial level: | $24.98
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| Coupon barrier price: | $17.49; 70% of initial price
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| Trigger price: | $17.49; 70% of initial price
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| Pricing date: | Aug. 21
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| Settlement date: | Aug. 26
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| Agents: | Barclays with J.P. Morgan Securities LLC with JPMorgan Chase Bank, NA as placement agent
|
| Fees: | 1%
|
| Cusip: | 06747QEW3
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