By Wendy Van Sickle
Columbus, Ohio, Aug. 8 – Barclays Bank plc priced $20.46 million of contingent income autocallable securities due July 30, 2021 linked to Micron Technology, 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 11% if the underlying stock closes at or above its 55% downside threshold on the related quarterly determination date.
The notes will be called at par if the stock closes at or above the initial level on any quarterly determination date other than the final date.
The payout at maturity will be par unless the stock finishes below its 55% downside threshold, in which case investors will be fully exposed to any losses.
Barclays is the agent with distribution through Morgan Stanley Wealth Management.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying asset: | Micron Technology, Inc.
|
| Amount: | $20,464,380
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| Maturity: | July 30, 2021
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| Coupon: | 11% annualized, payable quarterly if stock closes at or above downside threshold on related quarterly determination date
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline
|
| Call: | At par if stock closes at or above initial level on any quarterly determination date other than the final date
|
| Initial price: | $53.86
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| Downside threshold: | $29.678, 55% of initial price
|
| Pricing date: | July 27
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| Settlement date: | Aug. 1
|
| Agent: | Barclays with Morgan Stanley Wealth Management handling distribution
|
| Fees: | 2.5%
|
| Cusip: | 06746T391
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