By Wendy Van Sickle
Columbus, Ohio, March 16 – Barclays Bank plc priced $20 million of autocallable contingent interest notes due March 15, 2022 linked to the Invesco QQQ Trust, Series 1 , according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF closes at or above the coupon barrier level – 80% of the initial share price – on a monthly review date, the issuer will pay a contingent coupon for that month at an annualized rate of 12.4%, in which case any previously unpaid coupons will also be paid.
If the shares close at or above the initial price on any monthly review date other than the final one, the notes will be called at par.
The payout at maturity will be par unless the ETF closes below the 85% buffer level, in which case investors will lose 1.17647% for every 1% decline of the ETF beyond 15%.
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 ETF: | Invesco QQQ Trust, Series 1
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| Amount: | $20 million
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| Maturity: | March 15, 2022
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| Coupon: | 12.4%, payable each month that ETF closes at or above coupon barrier on review date for that month, in which case any previously unpaid coupons will also be paid
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless ETF closes below buffer, in which case 1.17647% loss for every 1% decline beyond buffer
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| Call: | If the shares close at or above the initial price on any monthly review date other than the final one, notes will be called at par
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| Initial level: | $310.88
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| Buffer level: | $264.25, 85% of initial level
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| Buffer level: | $264.25, 85% of initial level
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| Pricing date: | March 11
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| Settlement date: | March 16
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| Agents: | Barclays with J.P. Morgan Securities LLC with JPMorgan Chase Bank, NA as placement agent
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| Fees: | 0.5%
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| Cusip: | 06747EF40
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