By Wendy Van Sickle
Columbus, Ohio, Aug. 3 – Barclays Bank plc priced $2.05 million of phoenix autocallable notes due July 30, 2020 linked to the least performing of the common stocks of U.S. Bancorp and Fifth Third Bancorp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.75% if each stock closes at or above its 75% coupon barrier on the observation date for that month.
The notes will be called at par if each underlying stock closes at or above its initial level on any quarterly valuation date.
If the notes are not called, the payout at maturity will be par unless either underlying asset finishes below its 75% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying assets: | U.S. Bancorp and Fifth Third Bancorp.
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| Amount: | $2,053,000
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| Maturity: | July 30, 2020
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| Coupon: | 8.75% per year, payable monthly if each stock closes at or above coupon barrier on observation date for that month
|
| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below barrier level, in which case 1% loss for each 1% decline of worst performing stock
|
| Call: | At par if each underlying asset closes at or above its initial level on any quarterly valuation date
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| Initial levels: | $52.43 for U.S. Bancorp and $39.32 for Fifth Third
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| Coupon barrier/barriers: | $26.14 for U.S. Bancorp and $19.61 for Fifth Third; 75% of initial levels
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| Pricing date: | July 27
|
| Settlement date: | July 31
|
| Agent: | Barclays
|
| Fees: | 2.5%
|
| Cusip: | 06741WCR9
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