By Kiku Steinfeld
Chicago, June 28 – Barclays Bank plc priced $9.31 million of phoenix autocallable notes due June 23, 2022 linked to the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.8% if the stock closes at or above its 75% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless the stock finishes below 75% of its initial value in which case investors will be fully exposed to the decline of the least performing asset from its initial level, payable as cash or shares at the issuer’s discretion.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | General Motors Co.
|
| Amount: | $9,310,000
|
| Maturity: | June 23, 2022
|
| Coupon: | 10.8% annualized, payable quarterly if the stock closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless the stock finishes below final barrier, in which case full exposure to decline of least performing asset, payable as cash or shares at the issuer’s discretion
|
| Call: | At par plus contingent coupon if the stock closes at or above initial level on any quarterly call observation date
|
| Initial level: | $58.76
|
| Coupon barrier: | $44.07; 75% of initial level
|
| Final barrier: | $44.07; 75% of initial level
|
| Equity ratio: | 17.01838
|
| Pricing date: | June 18
|
| Settlement date: | June 23
|
| Agent: | Barclays
|
| Fees: | 1.25%
|
| Cusip: | 06741WWH9
|
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