By William Gullotti
Buffalo, N.Y., May 30 – Barclays Bank plc priced $2.41 million of phoenix autocallable notes due Feb. 9, 2027 linked to the performance of the ARK Innovation ETF, according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 17.7% if the ETF closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if the ETF closes at or above its initial level on any monthly call observation date after three months.
If the notes are not called and the ETF finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the ETF finishes below its coupon barrier but at or above its final barrier price, 50% of its initial share price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the ETF from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying fund: | ARK Innovation ETF
|
| Amount: | $2,406,000
|
| Maturity: | Feb. 9, 2027
|
| Coupon: | 17.7% annualized, payable monthly if ETF closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if underlying ETF finishes at or above coupon barrier; if ETF finishes below coupon barrier but at or above final barrier, par; otherwise, full exposure to ETF decline from initial level
|
| Call: | At par plus contingent coupon if underlying ETF closes at or above initial level on any monthly call observation date after three months
|
| Initial level: | $35.74
|
| Coupon barrier: | $21.44; 60% of initial level
|
| Final barrier: | $17.87; 50% of initial level
|
| Pricing date: | May 4
|
| Settlement date: | May 9
|
| Agent: | Barclays
|
| Fees: | 1%
|
| Cusip: | 06745MCG1
|
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