New Issue: Barclays prices $504,000 phoenix autocallables on three stocks

By Wendy Van Sickle

Columbus, Ohio, May 23 – Barclays Bank plc priced $504,000 of phoenix autocallable notes due May 20, 2025 linked to the least performing of the common stocks of Square Inc., Micron Technology, Inc. and Splunk Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon at an annual rate of 22.5% if each stock closes at or above its 60% coupon barrier on the observation date for that period.

Starting after three months, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any observation date prior to maturity.

The payout at maturity will be par plus any coupon unless any stock finishes below its 50% barrier, in which case investors will be fully exposed to the decline of the worst performing stock.

If the final value is below the barrier value, the payout will either be in cash or, at the election of the issuer, a number of shares of the least performing stock equal to the price of the notes divided by the initial value plus cash equal to the fractional share amount.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Phoenix autocallable notes
Underlying stocks:	Square Inc., Micron Technology, Inc. and Splunk Inc.
Amount:	$504,000
Maturity:	May 20, 2025
Coupon:	22.5%, payable monthly if each asset closes at or above coupon barrier on related observation date
Price:	Par
Payout at maturity:	Par plus contingent coupon unless least-performing asset finishes below barrier level, in which case 1% loss for each 1% decline of least-performing asset payable in shares or cash
Call:	Starting after three months, the notes will be called at par plus the contingent coupon if each stock closes at or above initial level on any observation date prior to maturity
Initial levels:	$65.23 for Square, $38.41 for Micron, $135.00 for Splunk
Coupon barriers:	$39.14 for Square, $23.05 for Micron, $81.00 for Splunk, 60% of initial values
Barrier levels:	$32.62 for Square, $19.21 for Micron, $67.50 for Splunk, 50% of initial values
Pricing date:	May 15
Settlement date:	May 20
Agents:	Barclays
Fees:	0.65%
Cusip:	06747MT48

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