By Taylor Fox
New York, Feb. 22 – Barclays Bank plc priced $5.68 million of autocallable contingent income securities due Feb. 15, 2024 linked to the class A subordinated voting shares of Shopify Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 11.4% per year if the stock closes at or above its coupon barrier, 55% of its initial share price, on the observation date that period.
The notes will be automatically called at par if the stock closes at or above its initial share price on any quarterly observation date.
If the stock finishes at or above the 55% downside threshold level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to any losses of the stock.
Barclays is the agent. Morgan Stanley Wealth Management is acting as a selected dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent income securities
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| Underlying stock: | Shopify Inc.
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| Amount: | $5,678,630
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| Maturity: | Feb. 15, 2024
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| Coupon: | 11.4% per year, payable quarterly if stock closes at or above coupon threshold level on observation date that period
|
| Price: | Par of $10
|
| Payout at maturity: | If stock finishes at or above downside threshold level, par; otherwise, full exposure to any losses of the stock
|
| Call: | Automatically at par if stock closes at or above initial share price on any quarterly observation date
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| Initial share price: | $1,462.42
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| Coupon barrier: | $804.331, 55% of initial share price
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| Downside threshold: | $804.331, 55% of initial share price
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| Pricing date: | Feb. 10
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| Settlement date: | Feb. 16
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| Agent: | Barclays
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
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| Cusip: | 06744A584
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