By Wendy Van Sickle
Columbus, Ohio, Jan. 11 – Barclays Bank plc priced $6 million of autocallable contingent income securities due Jan. 6, 2025 linked to the stocks of Lyft, Inc. and Uber Technologies, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 12.4% per year if each stock closes at or above its coupon barrier level, 50% of its initial level, on the observation date.
The notes will be automatically called at par plus any coupon otherwise due if each stock closes at or above its initial level on any quarterly observation date after six months.
If each stock finishes at or above its coupon barrier, the payout at maturity will be par plus any coupon otherwise due.
If the worst performer finishes below its coupon barrier but at or above its 50% downside threshold level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least performing stock declines from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is acting as a selected dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent income securities
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| Underlying stocks: | Lyft, Inc., Uber Technologies, Inc.
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| Amount: | $6 million
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| Maturity: | Dec. 20, 2024
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| Coupon: | 12.4% per year, payable quarterly if each stock closes at or above coupon barrier on the determination date for the observation period
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| Price: | Par of $10
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| Payout at maturity: | If each stock finishes at or above coupon barrier, par plus any coupon otherwise due; if the worst performer finishes below its coupon barrier but not below downside threshold level, par; otherwise, 1% loss for every 1% that least performing stock declines from initial level
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| Call: | Automatically at par plus any coupon otherwise due if each stock closes at or above initial level on any quarterly observation date after six months
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| Initial stock levels: | $38.07 for Lyft, $39.68 for Uber
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| Downside threshold levels: | $19.035 for Lyft, $19.84 for Uber; 50% of initial levels
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| Pricing date: | Dec. 17
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| Settlement date: | Dec. 22
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 06748A713
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