By Sarah Lizee
Olympia, Wash., July 3 – Barclays Bank plc priced $26.35 million of 0% autocallable market-linked step-up notes due June 25, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 9.2% if the index closes at or above its initial level on any annual observation date.
If the index finishes above the step-up level – 121% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 21%.
Investors will be exposed to any decline in the index.
BofA Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $26,348,660
|
| Maturity: | June 25, 2021
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index gains by more than 21%, par plus return; if index gains by up to 21%, par plus 21%; exposure to any losses
|
| Call: | At par plus 9.2% per year if the index closes at or above its initial level on any annual observation date
|
| Initial level: | 2,716.31
|
| Step-up value: | 3,286.74, 121% of initial level
|
| Pricing date: | June 28
|
| Settlement date: | July 6
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06746T771
|
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