By William Gullotti
Buffalo, N.Y., Aug. 26 – Barclays Bank plc priced $10 million of autocallable contingent coupon equity-linked notes due Aug. 25, 2023 linked to the performance of the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12.3% if the ETF closes at or above its coupon trigger level, 85% of the initial price, on the determination date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial share price on any monthly determination date.
If the notes are not called and the ETF finishes at or above its 85% trigger level, the payout at maturity will be par plus all unpaid coupons.
Otherwise, investors will lose 1.17647% for every 1% decline beyond 15%.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Autocallable contingent coupon equity-linked notes
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Underlying fund: | SPDR S&P 500 ETF Trust
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Amount: | $10 million
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Maturity: | Aug. 25, 2023
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Coupon: | 12.3% per year, payable monthly if shares close at or above coupon trigger level on a related determination date; coupon payment events will automatically include any previously unpaid coupons
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Price: | Par
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Payout at maturity: | If the ETF finishes at or above trigger level, par plus all unpaid coupons; otherwise, lose 1.17647% for every 1% decline beyond 15%
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Call: | At par plus contingent coupon if shares close at or above initial share price on any monthly determination date
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Initial share price: | $413.35
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Coupon trigger level: | $351.35; 85% of initial share price
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Trigger level: | $351.35; 85% of initial share price
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Strike date: | Aug. 22
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Pricing date: | Aug. 23
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Settlement date: | Aug. 26
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Agent: | Barclays
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Fees: | 0.2%
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Cusip: | 06748XQ95
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