By Wendy Van Sickle
Columbus, Ohio, July 8 – Barclays Bank plc priced $3.24 million of phoenix autocallable notes due July 5, 2024 linked to the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
If Ford stock closes at or above the trigger price – 70% of the initial share price – on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at an annualized rate of 13.1%.
If the shares close at or above the initial price on a quarterly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Ford shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Ford Motor Co.
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| Amount: | $3,235,000
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| Maturity: | July 5, 2024
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| Coupon: | 13.1%, payable quarterly if stock closes at or above trigger price on observation date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par plus contingent coupon if Ford shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | Automatically at par plus contingent coupon if Ford shares close at or above initial price on a quarterly observation date
|
| Initial share price: | $14.86
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| Trigger price: | $10.40, 70% of initial price
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| Pricing date: | June 30
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| Settlement date: | July 6
|
| Underwriter: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06748EY23
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