By Susanna Moon
Chicago, July 14 – Barclays Bank plc priced $5.45 million of 0% contingent income callable securities due July 6, 2020 linked to Netflix, Inc. stock, according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 9.75% if the stock closes at or above the downside threshold level, 70% of the initial share price, on a determination date for that quarter.
The notes will be called at par of $10 plus the contingent coupon if the shares close at or above the initial level on any determination date other than the final date.
The payout at maturity will be par unless the stock finishes below its 70% downside threshold, in which case investors will be fully exposed to any losses.
Barclays is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Netflix, Inc. (Symbol: NFLX)
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| Amount: | $5,445,570
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| Maturity: | July 6, 2020
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| Coupon: | 9.75% per year, payable quarterly if shares close at or above downside threshold level on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, full exposure to any losses
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| Call: | At par plus contingent coupon if shares close at or above initial level on any determination date other than the final date
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| Initial share price: | $149.41
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| Downside threshold: | $104.587, 70% of initial share price
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Agent: | Barclays
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| Dealer: | Morgan Stanley Smith Barney LLC
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| Fees: | 2%
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| Cusip: | 06746K341
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