By Tali Rackner
Minneapolis, April 18 – Barclays Bank plc priced $2.7 million trigger autocallable contingent yield notes due April 12, 2023 linked to the common stock of Lowe’s Cos., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annualized rate of 8% if the shares close at or above the coupon barrier, 67.5% of the initial level, on the observation date for that month.
After one year, the notes will be automatically called at par of $10 if the stock closes at or above the initial share price on any monthly observation date.
If the notes are not called and the final share price is greater than or equal to the 67.5% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline.
UBS Financial Services Inc. and Barclays Capital Inc. are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying stock: | Lowe’s Cos., Inc. (Symbol: LOW)
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| Amount: | $2,700,770
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| Maturity: | April 12, 2023
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| Coupon: | 8%, payable monthly if shares close at or above coupon barrier on monthly observation date
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| Price: | Par of $10
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| Call: | After one year, at par if shares close at or above initial price on any monthly observation date
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| Payout at maturity: | Par plus final coupon unless stock finishes below downside threshold, in which case 1% loss for every 1% decline
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| Initial price: | $88.24
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| Coupon barrier/downside threshold: | $59.56; 67.5% of initial price
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| Pricing date: | April 6
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| Settlement date: | April 11
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| Underwriters: | Barclays Capital Inc. and UBS Financial Services Inc.
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| Fees: | 2.5%
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| Cusip: | 06746R742
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