By Wendy Van Sickle
Columbus, Ohio, July 15 – Barclays Bank plc priced $42.84 million of 0% autocallable market-linked step-up notes due July 25, 2025 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 5.8% if the index closes at or above the initial level on an annual observation date.
If the notes are not called and the index finishes above the step-up value, 135% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up payment of 35%.
Investors will receive par if the index falls by up to 15% and will be exposed to losses beyond 15%.
BofA Merrill Lynch is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $42,835,120
|
| Maturity: | July 25, 2025
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the index finishes above the step-up value, par plus the index gain; if the index finishes at or below the step-up level but at or above the initial level, par plus 35%; par if index falls by up to 15%; exposure to losses beyond 15%
|
| Call: | Automatically at par plus an annual call premium of 5.8% if the index closes at or above the initial level on an annual observation date
|
| Initial index level: | 2,999.91
|
| Step-up value: | 3,539.15, 135% of initial value
|
| Threshold value: | 2,549.92, 85% of initial value
|
| Pricing date: | July 11
|
| Settlement date: | July 19
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06747B142
|
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