By Susanna Moon
Chicago, Dec. 22 – Barclays Bank plc priced $3.67 million of contingent income autocallable securities due Dec. 13, 2022 linked to the least performing of the Financial Select Sector SPDR Fund, the Industrial Select Sector SPDR Fund and the Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 7% if each underlying fund closes at or above its 70% downside threshold on the determination date for that quarter.
The notes will be called at par if each fund closes at or above its initial level on any quarterly determination date other than the final date after one year.
The payout at maturity will be par plus the final coupon unless any fund finishes below its 70% downside threshold, in which case investors will be fully exposed to the decline of the worst performing fund.
Barclays is the agent with Morgan Stanley Wealth Management as a dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable securities
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| Underlying funds: | Financial Select Sector SPDR Fund, Industrial Select Sector SPDR Fund and Technology Select Sector SPDR Fund
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| Amount: | $3,666,500
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| Maturity: | Dec. 13, 2022
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| Coupon: | 7% annualized, payable quarterly if each fund closes at or above 70% downside threshold on review date for that quarter
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| Price: | Par
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| Payout at maturity: | If each fund finishes at or above downside threshold, par; otherwise, full exposure to decline of worst performing fund
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| Call: | At par if each fund closes at or above its initial level on any interest payment date other than final date beginning Dec. 10, 2018
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| Initial levels: | $28.01 for financial fund, $74.69 for industrial fund and $63.60 for technology fund
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| Downside thresholds: | $19.607 for financial fund, $52.283 for industrial fund and $44.52 for technology fund; 70% of initial levels
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| Pricing date: | Dec. 8
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| Settlement date: | Dec. 13
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| Agent: | Barclays
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 06746N410
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