By William Gullotti
Buffalo, N.Y., March 14 – Barclays Bank plc priced $10 million of airbag autocallable contingent yield notes due Feb. 1, 2024 linked to the shares of the Invesco QQQ Trust, Series 1 according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly at an annualized rate of 12.9% if the ETF closes at or above its coupon barrier, 85% of the initial level, on the related observation date. Previously unpaid interest, if any, will be included whenever interest is paid.
The notes will be called automatically at par plus the coupon if the shares close at or above the initial share price on any monthly observation date.
The payout at maturity will be par plus the final coupon unless the final share price is less than the conversion price, 85% of the initial share price, in which case the payout will be a number of shares equal to $1,000 divided by the conversion price.
Barclays and UBS Financial Services Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Airbag autocallable contingent yield notes
|
| Underlying ETF: | Invesco QQQ Trust, Series 1
|
| Amount: | $10,000,000
|
| Maturity: | Feb. 1, 2024
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| Coupon: | 12.9%, payable monthly if ETF closes at or above coupon barrier on related observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless final share price is less than conversion price, in which case 3.9711 shares
|
| Call: | Automatically at par if the shares close at or above initial share price on any monthly observation date
|
| Initial share price: | $296.26
|
| Coupon barrier: | $251.82; 85% of initial share price
|
| Conversion price: | $251.82; 85% of initial share price
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| Strike date: | Jan. 27
|
| Pricing date: | Jan. 30
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| Settlement date: | Feb. 2
|
| Agents: | Barclays and UBS Financial Services Inc.
|
| Fees: | 0.1%
|
| Cusip: | 06748F118
|
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