By Marisa Wong
Los Angeles, June 2 – Barclays Bank plc priced $31.09 million of 0% autocallable market-linked step-up notes due June 3, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 7.3% if the index closes at or above its initial level on any annual observation date.
If the index finishes above the step-up level – 126% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 26%.
Investors will be exposed to any index decline.
BofA Securities, Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Autocallable market-linked step-up notes
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Underlying index: | S&P 500 index
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Amount: | $31,094,080
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Maturity: | June 3, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 26%; full exposure to any index decline
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Call: | At par plus 7.3% per year if the index closes at or above its initial level on any annual observation date
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Initial level: | 4,200.88
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Step-up value: | 5,293.11, 126% of initial level
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Pricing date: | May 27
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Settlement date: | June 4
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Underwriter: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 06747T853
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