By Wendy Van Sickle
Columbus, Ohio, Jan. 29 – Barclays Bank plc priced $26.27 million of contingent income autocallable securities due July 28, 2022 linked to the worst performing of the common stocks of Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
If the worst performing shares close at or above the downside threshold level, 70% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 9.75%.
The notes will be called at par of $10 plus the contingent coupon if the shares of each stock close at or above the initial share price on any quarterly determination date other than the final determination date.
If the final share price of the worst performing stock is greater than or equal to 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 of the worst performing stock is less than the initial share price.
Barclays is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co.
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| Amount: | $26,273,940
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| Maturity: | July 28, 2022
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| Coupon: | 9.75% per year, payable quarterly if worst performing shares close at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If final price of worst performing stock is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final share price of worst performing stock is less than initial share price
|
| Call: | At par plus contingent coupon if shares of each stock close at or above initial share price on any quarterly determination date other than final determination date
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| Initial share prices: | $33.54 for BofA, $78.42 for Citi, $133.15 for JPMorgan
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| Downside thresholds: | $23.478 for BofA, $54.894 for Citi, $93.205 for JPMorgan, 70% of initial share price
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| Pricing date: | Jan. 24
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| Settlement date: | Jan. 29
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
|
| Cusip: | 06747F747
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