By Wendy Van Sickle
Columbus, Ohio, April 16 – Barclays Bank plc priced $3.01 million of contingent income autocallable securities due April 18, 2022 linked to the class A common stock of Alphabet Inc. and the common stock of JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above the downside threshold level, 65% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 8.6%.
After one year, the notes will be called at par of $10 plus the contingent coupon if each stock closes at or above the initial share price on any quarterly determination date other than the final determination date.
If the final share price of the lesser performing stock is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price of the lesser performing stock is less than the initial share price.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income autocallable securities
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Underlying stocks: | Alphabet Inc. and JPMorgan Chase & Co.
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Amount: | $3,005,000
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Maturity: | April 18, 2022
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Coupon: | 8.6% per year, payable quarterly if both stocks close at or above downside threshold level on determination date for that quarter
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Price: | Par of $10.00
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Payout at maturity: | If final share price of lesser performing stock is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final share price of lesser performing stock is less than initial share price
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Call: | After one year at par plus contingent coupon if each stock closes at or above initial share price on any quarterly determination date other than final determination date
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Initial share prices: | $1,222.73 for Alphabet, $111.21 for JPMorgan
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Downside thresholds: | $794.775 for Alphabet, $72.287 for JPMorgan, 65% of initial share price
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Pricing date: | April 12
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Settlement date: | April 17
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 2.5%
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Cusip: | 06747A789
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