By Wendy Van Sickle
Columbus, Ohio, March 10 – Barclays Bank plc priced $10 million of contingent income autocallable securities due March 14, 2024 linked to the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14.45% per year, paid monthly, if the ETF closes at or above its downside threshold on the related valuation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The securities will be called automatically at par plus the coupon if the closing price of the underlying ETF is greater than or equal to its initial price on any monthly review date other than the final.
At maturity, the payout will be par plus the final coupon unless the ETF finishes below its 85% downside threshold level, in which case investors will lose 1.1765% for every 1% decline beyond 15%.
Barclays is the agent with Morgan Stanley Wealth Management as 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 (Ticker: QQQ)
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| Amount: | $10 million
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| Maturity: | March 14, 2024
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| Coupon: | 14.45% per year, paid monthly if ETF closes at or above downside threshold on related observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon unless the ETF finishes below its downside threshold level, in which case investors will lose 1.1765% for every 1% decline beyond 15%
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| Call: | Automatically at par plus the coupon if the closing price of the underlying ETF is greater than or equal to its initial price on any monthly review date other than the final
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| Initial level: | $299.68
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| Downside threshold: | $254.728, 85% of initial level
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| Pricing date: | March 6
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| Settlement date: | March 9
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| Agent: | Barclays
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 0.1%
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| Cusip: | 06749NWL2
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