By Taylor Fox
New York, Sept. 14 – Barclays Bank plc priced $10 million of 17.85% fixed-coupon autocallable securities due Sept. 14, 2021 linked to the common stock of Delta Air Lines Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If the stock closes at or above its initial price, on a monthly determination date, the notes will be automatically called at par plus the coupon.
If the stock finishes at or above the 60% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, the payout will be a number of Delta shares equal to $1,000 divided by the downside threshold level or, at the issuer’s option, a cash amount equal to the value of those shares.
Barclays is the agent with Morgan Stanley Wealth Management as a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Fixed-coupon autocallable securities
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| Underlying stock: | Delta Air Lines, Inc.
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| Amount: | $10 million
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| Maturity: | Sept. 14, 2021
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| Coupon: | 17.85% annual rate, payable monthly
|
| Price: | Par
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| Payout at maturity: | Par plus the coupon unless the final level of the stock is below 60% of initial level in which case 51.21901 Delta shares or cash, at issuer’s option
|
| Call: | Automatically at par if the stock closes at or above its initial level on a monthly determination date
|
| Initial share price: | $32.54
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| Downside threshold: | $19.524; 60% of initial levels
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| Exchange ratio: | 51.21901 shares
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| Pricing date: | Sept. 9
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| Settlement date: | Sept. 14
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| Underwriter: | Barclays
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| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 0.2%
|
| Cusip: | 06741WKQ2
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