By Wendy Van Sickle
Columbus, Ohio, Sept. 30 – Barclays Bank plc priced $10 million of contingent income autocallable securities due Sept. 26, 2022 linked to the Invesco QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at an annual rate of 11.35% if the fund closes at or above its downside threshold level, 85% of its initial share price, on the observation date that month. Previously unpaid coupons will also be paid.
The notes will be automatically called at par if the fund closes at or above its initial share price on any monthly observation date.
If the fund finishes at or above the downside threshold level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the fund declines from its initial share price, payable in shares or cash at the issuer’s option.
Barclays is the agent. Morgan Stanley Wealth Management is acting as a selected dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable securities
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| Underlying fund: | Invesco QQQ Trust, series 1
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| Amount: | $10 million
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| Maturity: | Sept. 26, 2022
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| Coupon: | 11.35% annual rate, payable monthly if fund closes at or above downside threshold level on observation date that month; previously unpaid coupons will also be paid
|
| Price: | Par
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| Payout at maturity: | If fund finishes at or above downside threshold level, par; otherwise, 1% loss for every 1% that fund declines from initial share price, payable in 3.21704 shares or cash at issuer’s option
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| Call: | Automatically at par if fund closes at or above initial share price on any monthly observation date
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| Initial share price: | $365.70
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| Downside threshold: | $310.845, 85% of initial share price
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 24
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 0.2%
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| Cusip: | 06741WF54
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