By Kiku Steinfeld
Chicago, Sept. 7 – Barclays Bank plc priced $4.31 million of phoenix autocallable notes due Aug. 30, 2024 linked to the common stock of Carnival Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 18.5% per year if Carnival shares close at or above the coupon barrier price on the observation date for that month. Otherwise, no interest will be paid that month. The coupon barrier price is 60% of the initial share price.
The notes will be called at par plus the contingent coupon if Carnival shares close at or above the initial share price on any monthly observation date after three months.
If the notes are not called and Carnival shares finish at or above the 60% barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the decline in the share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stock: | Carnival Corp.
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| Amount: | $4.31 million
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| Maturity: | Aug. 30, 2024
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| Coupon: | 18.5% per year if Carnival shares close at or above coupon barrier price on observation date for that month
|
| Price: | Par
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| Payout at maturity: | If Carnival shares finish at or above barrier price, par plus contingent coupon; otherwise, full exposure to decline in share price
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| Call: | At par plus contingent coupon if Carnival shares close at or above initial price on any monthly observation date after three months
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| Initial share price: | $23.47
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| Coupon barrier price: | $14.08, 60% of initial share price
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| Barrier price: | $14.08, 60% of initial share price
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| Pricing date: | Aug. 26
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| Settlement date: | Aug. 31
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06748WE90
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