By Kiku Steinfeld
Chicago, May 6 – Barclays Bank plc priced $2.1 million of contingent income autocallable securities due April 27, 2023 linked to the common shares of Campbell Soup Co., according to a 424B2 filing with the Securities and Exchange Commission.
If the shares close at or above the downside threshold level, 65% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 10%.
After six months, the notes will be called at par of $10 plus the contingent coupon if the shares close at or above the initial share price on any quarterly determination date other than the final determination date.
If the shares close below the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
Barclays is the agent. Morgan Stanley Wealth Management is the selected dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income autocallable securities
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Underlying stock: | Campbell Soup Co.
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Amount: | $2,098,500
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Maturity: | April 27, 2023
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Coupon: | 10% per year, payable quarterly if shares close at or above downside threshold level on determination date for that quarter
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Price: | Par of $10
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Payout at maturity: | If shares close below downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final share price is less than initial share price
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Call: | After six months, at par plus contingent coupon if shares close at or above initial share price on any quarterly determination date other than final one
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Initial share price: | $50.75
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Downside threshold: | $32.988; 65% of initial share price
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Pricing date: | April 24
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Settlement date: | April 29
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 2.5%
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Cusip: | 06747G240
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