By Wendy Van Sickle
Columbus, Ohio, July 15 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due July 14, 2022 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Tesla stock closes at or above the trigger price – 60% of the initial share price – on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at an 18.75% annualized rate.
If the shares close at or above the initial price on a quarterly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Tesla shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will receive 15.22186 Tesla shares or the cash equivalent.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stock: | Tesla, Inc. (Nasdaq: TSLA)
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| Amount: | $500,000
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| Maturity: | July 14, 2022
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| Coupon: | 18.75%, payable quarterly if stock closes at or above trigger price on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if Tesla shares finish at or above trigger price; otherwise, 15.22186 Tesla shares or the cash equivalent
|
| Call: | Automatically at par plus contingent coupon if Tesla shares close at or above initial price on a quarterly observation date
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| Initial share price: | $656.96
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| Trigger price: | $394.17, 60% of initial price
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| Pricing date: | July 9
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| Settlement date: | July 14
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| Underwriter: | Barclays
|
| Fees: | 1%
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| Cusip: | 06741W2E9
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