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Barclays to price phoenix autocallable notes linked to Shopify
By Sarah Lizee
Olympia, Wash., Aug. 14 – Barclays Bank plc plans to price phoenix autocallable notes due Aug. 25, 2022 linked to Shopify Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if the shares close at or above the barrier price, 50% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
The contingent coupon rate is expected to be 11.5% per year and will be set at pricing.
The notes will be automatically called at par if the shares close at or above the initial share price on any observation date after six months.
If the notes are not called, the payout at maturity will be par unless the shares finish below the barrier price, in which case investors will lose 1% for every 1% that the final share price is less than the initial share price.
Barclays is the agent.
The notes will price Aug. 21.
The Cusip number is 06747NCK8.
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