New Issue: Barclays sells $3.75 million autocallable notes on Apple, Citigroup, Palo Alto

By William Gullotti

Buffalo, N.Y., Aug. 25 – Barclays Bank plc priced $3.75 million of autocallable notes due Aug. 25, 2023 linked to the stock performance of Palo Alto Networks, Inc., Citigroup Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes pay a contingent monthly coupon at an annualized rate of 6% if each stock closes at or above its coupon barrier level, 55% of its initial level, on the related observation date.

The notes will be automatically called at par plus coupon if the stocks close at or above their call levels on any monthly call date after four months. Call levels decrease over the life of the notes, starting at 95% of initial levels for call dates one through three. Call level for dates four through ten will be 90% of initial levels, and lowered again to 85% for the tenth date until maturity.

If the notes are not called and each stock finishes above the 55% barrier level, the payout at maturity will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or the cash equivalent at the issuer’s option.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Autocallable notes
Underlying stocks:	Apple Inc., Citigroup Inc., Palo Alto Networks, Inc.
Amount:	$3,750,000
Maturity:	Aug. 25, 2023
Coupon:	6% per year, payable monthly if each stock closes at or above coupon barrier on the observation date for that period
Price:	Par
Payout at maturity:	Par plus the final coupon unless any stock finishes below 55% of its initial level, in which case investors will be receive shares of the worst performer equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
Call:	Automatically at par plus coupon if each stock closes at or above call level on any monthly call date after four months
Initial levels:	$365.77 for Palo Alto, $71.62 for Citigroup, $150.19 for Apple
Call levels:	95% of initial levels on first three valuation dates; 90% of initial levels on call dates four through nine; 85% of initial levels from call date ten to maturity
Barrier levels:	$201.17 for Palo Alto, $39.39 for Citigroup, $82.60 for Apple; 55% of initial levels
Physical delivery:	2.73396 for Palo Alto, 13.96258 for Citigroup, 6.65823 for Apple; shares per note
Pricing date:	Aug. 18
Settlement date:	Aug. 25
Agent:	Barclays
Fees:	2.65%
Cusip:	06741WB66

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