By William Gullotti
Buffalo, N.Y., April 2 – Barclays Bank plc priced $1.66 million of autocallable contingent coupon notes due April 1, 2027 linked to the common shares of Bristol-Myers Squibb Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.5% if the stock closes at or above its coupon trigger level, 70% of the initial price, on the determination date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial share price on any quarterly determination date after six months.
The payout at maturity will be par plus the final coupon unless the stock finishes below its 70% trigger level, in which case investors will receive a number of shares per note equal to $1,000 divided by the stock’s initial price or, at the issuer’s option, the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying stock: | Bristol-Myers Squibb Co.
|
| Amount: | $1,663,000
|
| Maturity: | April 1, 2027
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| Coupon: | 8.5% per year, payable quarterly if shares close at or above coupon trigger level on a related determination date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless the stock finishes below its trigger level, in which case receive 19.0295 shares per note or, at the issuer’s option, the cash equivalent
|
| Call: | At par plus contingent coupon if shares close at or above initial share price on any quarterly determination date
|
| Initial share price: | $52.55
|
| Coupon trigger level: | $36.79; 70% of initial share price
|
| Trigger level: | $36.79; 70% of initial share price
|
| Pricing date: | March 26
|
| Settlement date: | April 1
|
| Agent: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06744EER4
|
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