By Wendy Van Sickle
Columbus, Ohio, Dec. 7 – Barclays Bank plc priced $6.22 million of contingent income autocallable securities due Dec. 4, 2020 linked to the common stock of JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
If the shares close at or above the downside threshold level, 80% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 8.5%.
The notes will be called at par of $10 plus the contingent coupon if the shares close at or above the call level on any quarterly determination date other than the final determination date.
The call level will be 105% of the initial price for the first four dates, stepping up to 110% for the next four dates and 115% for the final three dates.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | JPMorgan Chase & Co.
|
| Amount: | $6,216,500
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| Maturity: | Dec. 4, 2020
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| Coupon: | 8.5% per year, payable quarter if shares close at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final share price is less than initial share price
|
| Call: | At par plus contingent coupon if shares close at or above call level on any determination date other than final date; call level is 105% of initial price for first four dates, 110% for next four dates and 115% for last three dates
|
| Initial share price: | $154.76
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| Initial share price: | $104.79
|
| Downside threshold: | $83.832, 80% of initial share price
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| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 6
|
| Agent: | Barclays
|
| Distribution: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
| Cusip: | 06746N667
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