By William Gullotti
Buffalo, N.Y., July 16 – Barclays Bank plc priced $1.27 million of autocallable contingent coupon notes due July 18, 2022 linked to the worst performing of the stocks of General Motors Co. and Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 8.9% if each stock closes at or above its coupon barrier level, 75% 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, 75% 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
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | General Motors Co., Ford Motor Co.
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| Amount: | $1.27 million
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| Maturity: | July 18, 2022
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| Contingent coupon: | 8.9% per year, payable quarterly plus any previously unpaid coupons if each stock closes at or above coupon barrier related observation date
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| Price: | Par
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| 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 cash or shares at the issuer’s option
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| 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
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| Initial levels: | $58.73 for GM, $14.42 for Ford
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| Coupon barriers: | $41.11 for GM, $10.09 for Ford; 75% of initial levels
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| Final barriers: | $41.11 for GM, $10.09 for Ford; 75% of initial levels
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| Physical delivery levels: | 17.02707 for GM, 69.034813 for Ford; shares per note
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| Pricing date: | July 13
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| Settlement date: | July 16
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| Agent: | Barclays
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| Fees: | 2%
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| Cusip: | 06741W2H2
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