By William Gullotti
Buffalo, N.Y., Aug. 10 – Barclays Bank plc priced $10 million of contingent income autocallable securities due Aug. 2, 2022 linked to the performance of the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.1% if the underlying ETF closes at or above its 80% coupon threshold on any monthly observation date.
If underlying ETF closes at or above its initial price on any of the monthly determination dates, the securities will be redeemed at par plus the contingent payment.
If the underlying ETF finishes at or above the 80% downside threshold level, the payout at maturity will be par plus the contingent monthly payment.
Otherwise, investors will receive a number of shares equal to $1,000 divided by the ETF’s initial share price or the cash equivalent at the issuer’s option.
Barclays is the agent with Morgan Stanley Wealth Management as selected dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income auto-callable securities
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| Underlying ETF: | SPDR S&P Biotech ETF
|
| Amount: | $10,000,000
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| Maturity: | Aug. 2, 2022
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| Coupon: | 9.1% annualized, payable monthly if the ETF closes at or above coupon barrier on the corresponding review date
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if underlying ETF finishes at or above downside threshold; otherwise investors will receive 10.16425 per security or the cash equivalent at the issuer’s option
|
| Call: | At par plus contingent payment if underlying ETF closes at or above initial share price on any determination date
|
| Initial share price: | $122.98
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| Trigger level: | $98.384; 80% of initial price
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| Strike date: | July 27
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| Pricing date: | July 28
|
| Settlement date: | Aug. 2
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| Agent: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 0.2%
|
| Cusip: | 06741W2X7
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