New Issue: Barclays sells $5.1 million autocallable contingent coupon notes on airline stocks

By William Gullotti

Buffalo, N.Y., Aug. 16 – Barclays Bank plc priced $5.1 million of autocallable contingent coupon notes due Aug. 18, 2022 linked to the worst performing of the stocks of Delta Air Lines, Inc., United Airlines Holdings, Inc. and American Airlines Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes pay a contingent quarterly coupon at an annualized rate of 16.91% if each stock closes at or above its coupon barrier level, 70% of its initial level, on the related observation date, in which case any previously unpaid coupons will also be paid.

The notes will be automatically called at par plus coupon if each stock closes at or above its initial level on any quarterly call observation date after six months.

If the notes are not called and each stock finishes at or above its final barrier price, 70% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be exposed to the laggard stock’s decline from its initial level, payable as cash or a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price at the issuer’s option.

Barclays is the underwriter.

Issuer:	Barclays Bank plc
Issue:	Autocallable contingent coupon notes
Underlying stocks:	Delta Air Lines, Inc., United Airlines Holdings, Inc., American Airlines Group Inc.
Amount:	$5.1 million
Maturity:	Aug. 16, 2022
Contingent coupon:	16.91% per year, payable quarterly plus any previously unpaid coupons if each stock closes at or above coupon barrier related observation date
Price:	Par
Payout at maturity:	If each stock finishes at or above its final barrier price, par plus the final coupon; otherwise, investors will be exposed to the laggard stock’s decline from its initial level, payable as shares equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
Call:	Automatically at par plus coupon if each stock closes at or above its initial level on any quarterly call observation date after six months
Initial levels:	$41.30 for Delta, $48.21 for United, $21.23 for American
Coupon barriers:	$28.91 for Delta, $33.75 for United, $14.86 for American; 70% of initial levels
Final barriers:	$28.91 for Delta, $33.75 for United, $14.86 for American; 70% of initial levels
Physical delivery levels:	24.21308 for Delta, 20.74258 for United, 47.10316 for American; shares per note
Pricing date:	Aug. 11
Settlement date:	Aug. 16
Agent:	Barclays
Fees:	2%
Cusip:	06741W3F5

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