By William Gullotti
Buffalo, N.Y., Dec. 1 – Barclays Bank plc priced $10 million autocallable contingent interest notes due Oct. 13, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a monthly contingent interest payment at an annual rate of 16.4005% if the index closes above its coupon barrier, 85% of its initial level, on the relevant review date. Previously unpaid interest, if any, will be automatically included whenever a contingent interest payment is paid.
If the index closes above its initial level on any monthly review date, the notes will be automatically called at par plus the contingent interest payment and previously unpaid interest payments.
The payout at maturity will be par plus the contingent interest payment and any previously unpaid interest payments if the final level of the index is greater than or equal to its final barrier, 85% of its initial level.
Otherwise, investors will lose 1.17647% for every 1% decline below the barrier.
Barclays Bank plc is the agent. JP Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent interest notes
|
| Underlying index: | S&P 500 index
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| Amount: | $10 million
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| Maturity: | Oct. 13, 2023
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| Coupon: | 16.4005% annual rate, payable monthly if index closes at or above coupon barrier on review date for that quarter; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus interest payment and any previously unpaid interest payments if index finishes at or above final barrier; otherwise, investors will lose 1.17647% for every 1% decline below the barrier
|
| Call: | At par plus interest payment and any previously unpaid interest payments if index closes at or above initial level on any monthly review date
|
| Initial level: | 3,612.39
|
| Coupon barrier: | 3,070.53; 85% of initial level
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| Final barrier: | 3,070.53; 85% of initial level
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| Strike date: | Oct. 10
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| Pricing date: | Oct. 11
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| Settlement date: | Oct. 14
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| Agent: | Barclays
|
| Placement agents: | JP Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 0.2%
|
| Cusip: | 06748XYM7
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