By Susanna Moon
Chicago, Sept. 14 – Barclays Bank plc priced $4.13 million of contingent income autocallable securities due Sept. 11, 2020 linked to Netflix, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if the stock closes at or above the downside threshold, 70% of the initial share price, on a 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 share price on any determination date other than the final date.
The payout at maturity will be par plus the final contingent coupon 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: | $4,132,780
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| Maturity: | Sept. 11, 2020
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| Coupon: | 12% per year, payable quarterly if shares close at or above the downside threshold on quarterly determination date
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| Price: | Par of $10
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| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline
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| Call: | At par plus contingent coupon if shares close at or above initial share price on any determination date other than the final date
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| Initial price: | $176.42
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| Downside threshold: | $123.494, 70% of initial price
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| Pricing date: | Sept. 8
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| Settlement date: | Sept. 13
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| Agent: | Barclays
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| Distribution: | Morgan Stanley Smith Barney LLC
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| Fees: | 2%
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| Cusip: | 06746L174
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