By Angela McDaniels
Tacoma, Wash., June 11 – Barclays Bank plc priced $1 million of phoenix autocallable notes due June 12, 2024 linked to the iShares PHLX Semiconductor exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 14.25% per year if the ETF closes at or above its coupon barrier value, 80% of its initial share price, on the observation date for that quarter.
Beginning six months after issuance, the notes will be called at par if the ETF closes at or above its initial share price on any quarterly observation date other than the final one.
The payout at maturity will be par unless the ETF finishes below its barrier value, 70% of its initial share price, in which case investors will lose 1% for every 1% that the ETF declines from its initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying ETF: | iShares PHLX Semiconductor ETF
|
| Amount: | $1 million
|
| Maturity: | June 12, 2024
|
| Coupon: | 14.25% per year, payable quarterly if ETF closes at or above coupon barrier value on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless ETF finishes below barrier value, in which case 1% loss for every 1% that ETF declines from initial share price
|
| Call: | Beginning six months after issuance, notes will be called at par if ETF closes at or above initial share price on any quarterly observation date other than final one
|
| Initial share price: | $187.93
|
| Coupon barrier value: | $150.34, or 80% of initial share price
|
| Barrier value: | $131.55, or 70% of initial share price
|
| Pricing date: | June 7
|
| Settlement date: | June 12
|
| Agent: | Barclays
|
| Fees: | None
|
| Cusip: | 06747MYT7
|
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