New Issue: Barclays sells $1.87 million 9% autocallable step down fixed coupon notes on three stocks

By William Gullotti

Buffalo, N.Y., March 23 – Barclays Bank plc priced $1.87 million of 9% autocallable step down fixed coupon notes due Sept. 9, 2024 linked to the stock performance of Alphabet Inc., Procter & Gamble Co. and Rio Tinto plc, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

The notes will be automatically called at par plus the coupon if each stock closes at or above its call threshold level on any monthly observation date after three months. Call threshold level will be equal to 95% of initial level for the first three call dates, stepping down to 90% of initial level for the next three subsequent call dates and stepping down to 85% of initial level for the remaining call dates.

If each stock finishes at or above its barrier level, 50% of initial level, the payout at maturity will be par plus the final coupon.

Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial level or, at the issuer’s option, the cash equivalent.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Autocallable step down fixed coupon notes
Underlying stocks:	Alphabet Inc., Procter & Gamble Co., Rio Tinto plc
Amount:	$1,865,000
Maturity:	Sept. 9, 2024
Coupon:	9% per year, paid monthly
Price:	Par
Payout at maturity:	If each stock finishes at or above barrier level, par plus final coupon; otherwise, receive a number of shares of the worst performer equal to its equity ratio or, at the issuer’s option, the cash equivalent
Call:	At par plus coupon if each stock closes at or above its call threshold level on any monthly observation date after three months; call threshold level will be 95% of initial level for the first three call dates, stepping down to 90% of initial level for the next three subsequent call dates and stepping down to 85% of initial level for the remaining call dates
Initial levels:	$100.32 for Alphabet, $142.89 for Procter & Gamble, $64.73 for Rio Tinto
Barrier levels:	$50.16 for Alphabet, $71.45 for Procter & Gamble, $32.37 for Rio Tinto; 50% of initial levels
Equity ratios:	9.9681 for Alphabet, 6.99839 for Procter & Gamble, 15.44879 for Rio Tinto; shares delivered per note
Strike date:	March 16
Pricing date:	March 17
Settlement date:	March 22
Agent:	Barclays
Fees:	2.5%
Cusip:	06741WZZ6

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