By Wendy Van Sickle
Columbus, Ohio, Nov. 8 – Barclays Bank plc priced $6.84 million of phoenix autocallable notes due Oct. 11, 2024 linked to the performance of Alibaba Group Holding Ltd., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 20% if the stock closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if the stock closes at or above its initial level on any quarterly call observation date.
If the notes are not called and the stock finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the stock finishes below its coupon barrier but not below its final barrier price, 70% of its initial share price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the stock’s decline from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stock: | Alibaba Group Holding Ltd.
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Amount: | $6,836,000
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Maturity: | Oct. 11, 2024
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Coupon: | 20% annualized, payable quarterly if stock closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if underlying stock finishes at or above coupon barrier; if underlying stock finishes below coupon barrier but at or above final barrier, par; otherwise, full exposure to decline of stock from initial level
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Call: | At par plus contingent coupon if underlying stock closes at or above call level on any quarterly call observation date
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Initial level: | $161.52
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Coupon barrier: | $113.06; 70% of initial level
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Final barrier: | $113.06; 70% of initial level
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Pricing date: | Oct. 8
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Settlement date: | Oct. 13
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Agent: | Barclays
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Fees: | 2%
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Cusip: | 06748WMU4
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