By Wendy Van Sickle
Columbus, Ohio, Jan. 13 – Barclays Bank plc priced $10 million autocallable contingent interest notes due Jan. 12, 2024 linked to the SPDR Dow Jones industrial average ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a quarterly contingent interest payment at an annual rate of 9.85% if the ETF closes at or above its coupon barrier, 85% of its initial level, on the relevant review date. Previously unpaid interest, if any, will be automatically included whenever a contingent interest payment is paid.
If the ETF closes at or above its initial level on any quarterly review date, the notes will be automatically called at par plus the contingent interest payment and previously unpaid interest payments.
The payout at maturity will be par plus the contingent interest payment and any previously unpaid interest payments if the final level of the ETF is greater than or equal to its final buffer, 85% of its initial level.
Otherwise, investors will lose 1.17647% for every 1% decline below the buffer.
Barclays Bank plc is the agent. JP Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent interest notes
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| Underlying fund: | SPDR Dow Jones industrial average ETF Trust
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| Amount: | $10 million
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| Maturity: | Jan. 12, 2024
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| Coupon: | 9.85% annual rate, payable quarterly if ETF closes at or above coupon barrier on review date for that quarter; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | Par plus interest payment and any previously unpaid interest payments if ETF finishes at or above final barrier; otherwise, investors will lose 1.17647% for every 1% decline below the buffer
|
| Call: | At par plus interest payment and any previously unpaid interest payments if ETF closes at or above initial level on any quarterly review date
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| Initial level: | $335.29
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| Coupon barrier: | $285.00; 85% of initial level
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| Final buffer: | $285.00; 85% of initial level
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| Pricing date: | Jan. 10
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| Settlement date: | Jan. 13
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| Agent: | Barclays
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| Placement agents: | JP Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 0.2%
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| Cusip: | 06741WYS3
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