By Wendy Van Sickle
Columbus, Ohio, Nov. 14 – Barclays Bank plc priced $5.25 million of 0% autocallable market-linked step-up notes due Nov. 12, 2021 tied to the Financial Select Sector SPDR fund and the Technology Select Sector SPDR fund, each with a 50% weight, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus 10.42% if the basket closes at or above the initial level on Nov. 20, 2020.
If the notes are not called and the basket finishes above the step-up value, 115% of the initial level, the payout at maturity will be par plus the basket gain.
If the basket 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 15%.
Investors will be exposed to losses.
BofA Merrill Lynch is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying basket: | Financial Select Sector SPDR fund and Technology Select Sector SPDR fund, each with a 50% weight
|
| Amount: | $5,246,540
|
| Maturity: | Nov. 12, 2021
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the basket finishes above the step-up value, par plus the basket gain; if the basket finishes at or below the step-up level but at or above the initial level, par plus 15%; exposure to losses
|
| Call: | Automatically at par plus an annual call premium of 10.25% if the basket closes at or above the initial level on Nov. 20, 2020
|
| Initial levels: | $29.85 for Financial, $85.64 for Technology
|
| Step-up value: | 115% of initial value
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 14
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06747D478
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