By Kiku Steinfeld
Chicago, Dec. 17 – Barclays Bank plc priced $10 million of 20.5% fixed-coupon autocallable notes due Dec. 15, 2021 linked to the common stock of Pinduoduo Inc., according to a 424B2 filing with the Notes and Exchange Commission.
Interest is payable monthly.
If the stock closes at or above its initial price on any monthly determination, the notes will be automatically called at par plus the coupon.
If the stock finishes at or above the 70% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, the payout will be a number of Pinduoduo 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. Morgan Stanley Wealth Management is a selected dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Fixed-coupon autocallable notes
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| Underlying stock: | Pinduoduo Inc.
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| Amount: | $10 million
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| Maturity: | Dec. 15, 2021
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| Coupon: | 20.5% 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 70% of initial level, in which case 8.47056 Pinduoduo shares or the cash value of those shares at the issuer's option
|
| Call: | Automatically at par if the stock closes at or above its initial level on any monthly determination date
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| Initial share price: | $147.57
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| Downside threshold: | $118.056; 70% of initial levels
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 15
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 0.2%
|
| Cusip: | 06747QT49
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