By Wendy Van Sickle
Columbus, Ohio, Aug. 26 – Barclays Bank plc priced $1.55 million of phoenix autocallable notes due Aug. 25, 2022 linked to the class A subordinate voting shares of Shopify Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 11.5% per year if the stock closes at or above its coupon barrier price, 50% of its initial price, on the related observation date.
The notes will be called at par if the stock closes at or above its initial price on any quarterly call observation date after six months.
The payout at maturity will be par unless the stock finishes below its 50% knock-in level, in which case investors will lose 1% for the 1% decline.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Shopify Inc.
|
| Amount: | $1,547,000
|
| Maturity: | Aug. 25, 2022
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| Coupon: | 11.5% payable quarterly if the stock closes at or above its coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below knock-in price, in which case investors will lose 1% for the 1% decline
|
| Call: | At par if the stock closes at or above its initial price on any quarterly call observation date after six months
|
| Initial price: | $389.93
|
| Coupon barrier: | $194.97; 50% of initial price
|
| Knock-in price: | $194.97; 50% of initial price
|
| Pricing date: | Aug. 21
|
| Settlement date: | Aug. 26
|
| Agent: | Barclays
|
| Fees: | 2.75%
|
| Cusip: | 06747NCK8
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