By Kiku Steinfeld
Chicago, June 15 – Barclays Bank plc priced $2.47 million of autocallable contingent interest notes due May 24, 2023 linked to the shares of Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If the shares close at or above the downside threshold level, 67.65% of the initial level, on any quarterly observation date the notes will pay a coupon at an annual rate of 10% plus any previously unpaid coupons.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial share price on any quarterly determination date other than the final determination date.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the loss.
Barclays is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | Valero Energy Corp.
|
| Amount: | $2,465,000
|
| Maturity: | May 24, 2023
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| Coupon: | 10% per year, payable quarterly plus any previously unpaid coupons if shares close at or above downside threshold level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par; otherwise, full exposure to loss
|
| Call: | At par plus contingent coupon if shares close at or above initial share price on any quarterly determination date
|
| Initial share price: | $77.28
|
| Downside threshold: | $52.28; 67.65% of initial share price
|
| Pricing date: | May 19
|
| Settlement date: | May 24
|
| Agent: | Barclays
|
| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1.5%
|
| Cusip: | 06748ES53
|
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