New Issue: Barclays prices $3.08 million step down trigger autocallables linked to S&P

By Angela McDaniels

Tacoma, Wash., Aug. 1 – Barclays Bank plc priced $3.08 million of 0% step down trigger autocallable notes due July 31, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Beginning July 29, 2020, the notes will be automatically called at par of $10 plus 6.55% per year if the index closes at or above its initial level on any quarterly observation date preceding the final valuation date, July 29, 2024, or if the final index level is greater than or equal to the downside threshold, 80% of the initial index level.

If the notes are not subject to an automatic call, meaning the final level is less than the downside threshold, investors will be exposed to the index’s decline from its initial level.

UBS Financial Services Inc. and Barclays are the underwriters.

Issuer:	Barclays Bank plc
Issue:	Step down trigger autocallable notes
Underlying index:	S&P 500
Amount:	$3,077,000
Maturity:	July 31, 2024
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Full exposure to index’s decline from initial level
Call:	Beginning July 29, 2020, notes will be automatically called at par plus 6.55% per year if index closes at or above initial level on any quarterly observation date preceding July 29, 2024 or if final index level is greater than or equal to downside threshold
Initial level:	3,020.97
Downside threshold:	2,416.78, or 80% of initial level
Pricing date:	July 29
Settlement date:	July 31
Underwriters:	UBS Financial Services Inc. and Barclays
Fees:	2%
Cusip:	06747C694

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