Obbligazione Barclay PLC 0% ( US06747NMB72 ) in USD

Emittente Barclay PLC
Prezzo di mercato 100 USD  ▼ 
Paese  Regno Unito
Codice isin  US06747NMB72 ( in USD )
Tasso d'interesse 0%
Scadenza 04/11/2022 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Barclays PLC US06747NMB72 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 3 024 000 USD
Cusip 06747NMB7
Standard & Poor's ( S&P ) rating N/A
Moody's rating NR
Descrizione dettagliata Barclays PLC è una banca multinazionale britannica che offre una vasta gamma di servizi finanziari a clienti privati, aziende e istituzioni in tutto il mondo.

The Obbligazione issued by Barclay PLC ( United Kingdom ) , in USD, with the ISIN code US06747NMB72, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 04/11/2022

The Obbligazione issued by Barclay PLC ( United Kingdom ) , in USD, with the ISIN code US06747NMB72, was rated NR by Moody's credit rating agency.







424B2 1 a19-21865_37424b2.htm 11 LN1 [BARC-AMERICAS.FID1096875]

Pricing Supplement dated November 1, 2019
Filed Pursuant to Rule 424(b)(2)
(To the Prospectus dated August 1, 2019 and the Prospectus Supplement dated August 1, 2019)
Registration No. 333­232144

$ 3 ,0 2 4 ,0 0 0
Buffe re d Supe rT ra c k SM N ot e s due N ove m be r 4 , 2 0 2 2
Link e d t o t he Le a st Pe rform ing of t he SPDR® Gold T rust a nd t he iSha re s ® Silve r
T rust
Globa l M e dium -T e rm N ot e s , Se rie s A

Terms used in this pricing supplement, but not defined herein, shall have the meanings ascribed to them in the prospectus supplement.

Issuer:
Barclays Bank PLC
Denominations:
Minimum denomination of $1,000, and integral multiples of $1,000 in excess thereof
Initial Valuation Date:
November 1, 2019
Issue Date:
November 6, 2019
Final Valuation Date:*
November 1, 2022
Maturity Date:*
November 4, 2022
Reference Assets:
The SPDR® Gold Trust (the "Gold Trust") and the iShares® Silver Trust (the "Silver Trust"), as set forth in the following table:









Reference Asset
Bloomberg Ticker
Initial Value



Gold Trust
GLD UP<Equity>
$142.56



Silver Trust
SLV UP <Equity>
$16.92







The Gold Trust and the Silver Trust are each referred to herein as a "Reference Asset" and, collectively, as the "Reference Assets."
Buffer Percentage:
10.00%
Upside Leverage Factor:
1.80
Initial Value:
With respect to each Reference Asset, the Closing Value on the Initial Valuation Date, as set forth in the table above
Final Value:
With respect to each Reference Asset, the Closing Value on the Final Valuation Date
Payment at Maturity:
If you hold the Notes to maturity, you will receive on the Maturity Date a cash payment per $1,000 principal amount Note that you hold
determined as follows:
If the Reference Asset Return of the Least Performing Reference Asset is greater than 0.00%, you will receive an amount per
$1,000 principal amount Note calculated as follows:
$1,000 + [$1,000 × Reference Asset Return of the Least Performing Reference Asset × Upside Leverage Factor]
If the Reference Asset Return of the Least Performing Reference Asset is less than or equal to 0.00% but greater than or equal
to -10.00%, you will receive a payment of $1,000 per $1,000 principal amount Note
If the Reference Asset Return of the Least Performing Reference Asset is less than -10.00%, you will receive an amount per
$1,000 principal amount Note calculated as follows:
$1,000 + [$1,000 × (Reference Asset Return of the Least Performing Reference Asset + Buffer Percentage)]
If the Reference Asset Return of the Least Performing Reference Asset is less -10.00%, you will lose 1.00% of the principal amount of
your Notes for every 1.00% that the Reference Asset Return of such Reference Asset falls below -10.00%. You may lose up to 90.00%
of the principal amount of your Notes at maturity.
Any payment on the Notes is not guaranteed by any third party and is subject to (a) the creditworthiness of Barclays Bank PLC and
(b) to the risk of exercise of any U.K. Bail-in Power (as described on page PS-2 of this pricing supplement) by the relevant U.K.
resolution authority. If Barclays Bank PLC were to default on its payment obligations or become subject to the exercise of any U.K.
Bail-in Power (or any other resolution measure) by the relevant U.K. resolution authority, you might not receive any amounts owed to
you under the Notes. See "Consent to U.K. Bail-in Power" and "Selected Risk Considerations" in this pricing supplement and "Risk
Factors" in the accompanying prospectus supplement for more information.
Consent to U.K. Bail-in Power: Notwithstanding any other agreements, arrangements or understandings between Barclays Bank PLC and any holder or beneficial owner
of the Notes, by acquiring the Notes, each holder and beneficial owner of the Notes acknowledges, accepts, agrees to be bound by, and
consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority. See "Consent to U.K. Bail-in Power" on
page PS­2 of this pricing supplement.

[Terms of the Notes Continue on the Next Page]






Initial Issue Price(1)(2)
Price to Public
Agent's Commission(3)
Proceeds to Barclays Bank PLC




Per Note
$1,000
100%
0.70%
99.30%




Total
$3,024,000
$3,024,000
$21,168
$3,002,832

(1) Because dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all selling concessions, fees or commissions, the public
offering price for investors purchasing the Notes in such fee-based advisory accounts may be between $993.00 and $1,000 per Note. Investors that hold their Notes
in fee-based advisory or trust accounts may be charged fees by the investment advisor or manager of such account based on the amount of assets held in those
accounts, including the Notes.

(2) Our estimated value of the Notes on the Initial Valuation Date, based on our internal pricing models, is $972.60 per Note. The estimated value is expected to be less
https://www.sec.gov/Archives/edgar/data/312070/000110465919059956/a19-21865_37424b2.htm[11/5/2019 2:32:04 PM]


than the initial issue price of the Notes. See "Additional Information Regarding Our Estimated Value of the Notes" on page PS­3 of this pricing supplement.

(3) Barclays Capital Inc. will receive commissions from the Issuer of $7.00 per $1,000 principal amount. Barclays Capital Inc. will use these commissions to pay selling
concessions or fees (including custodial or clearing fees) to other dealers.

Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page S­7 of the prospectus supplement and "Selected Risk Considerations"
beginning on page PS­8 of this pricing supplement.

We may use this pricing supplement in the initial sale of Notes. In addition, Barclays Capital Inc. or another of our affiliates may use this pricing supplement in
market resale transactions in any Notes after their initial sale. Unless we or our agent informs you otherwise in the confirmation of sale, this pricing supplement
is being used in a market resale transaction.

The Notes will not be listed on any U.S. securities exchange or quotation system. Neither the U.S. Securities and Exchange Commission (the "SEC") nor any
state securities commission has approved or disapproved of these Notes or determined that this pricing supplement is truthful or complete. Any representation to
the contrary is a criminal offense.

The Notes constitute our unsecured and unsubordinated obligations. The Notes are not deposit liabilities of or Barclays Bank PLC and are not covered by the U.K.
Financial Services Compensation Scheme or insured by the U.S. Federal Deposit Insurance Corporation or any other governmental agency or deposit insurance agency of
the United States, the United Kingdom or any other jurisdiction.

Terms of the Notes, Continued

Least Performing Reference
The Reference Asset with the lowest Reference Asset Return, as calculated in the manner set forth below
Asset:
Reference Asset Return:
With respect to each Reference Asset, an amount calculated as follows:
Final Value ­ Initial Value
Initial Value
Closing Value:
The term "Closing Value" means the closing price of one share of the applicable Reference Asset, as further described under "Reference
Assets--Exchange-Traded Funds--Special Calculation Provisions" in the prospectus supplement
Calculation Agent:
Barclays Bank PLC
CUSIP / ISIN:
06747NMB7 / US06747NMB72

* Subject to postponement, as described under "Additional Terms of the Notes" in this pricing supplement



ADDITIONAL DOCUMENTS RELATED TO THE OFFERING OF THE NOTES

You should read this pricing supplement together with the prospectus dated August 1, 2019, as supplemented by the prospectus supplement dated
August 1, 2019 and the underlying supplement dated August 1, 2019, relating to our Global Medium-Term Notes, Series A, of which these Notes
are a part. This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade
ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among
other things, the matters set forth under "Risk Factors" in the prospectus supplement and "Selected Risk Considerations" in this pricing
supplement, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax,
accounting and other advisors before you invest in the Notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the
relevant date on the SEC website):

·
Prospectus dated August 1, 2019:

http://www.sec.gov/Archives/edgar/data/312070/000119312519210880/d756086d424b3.htm

·
Prospectus Supplement dated August 1, 2019:

http://www.sec.gov/Archives/edgar/data/312070/000095010319010190/dp110493_424b2-prosupp.htm

Our SEC file number is 1­10257. As used in this pricing supplement, "we," "us," or "our" refers to Barclays Bank PLC.

PS-1

CONSENT TO U.K. BAIL-IN POWER

Notwithstanding any other agreements, arrangements or understandings between us and any holder or beneficial owner of the Notes, by
acquiring the Notes, each holder and beneficial owner of the Notes acknowledges, accepts, agrees to be bound by, and consents to the
https://www.sec.gov/Archives/edgar/data/312070/000110465919059956/a19-21865_37424b2.htm[11/5/2019 2:32:04 PM]


exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority.

Under the U.K. Banking Act 2009, as amended, the relevant U.K. resolution authority may exercise a U.K. Bail-in Power in circumstances in
which the relevant U.K. resolution authority is satisfied that the resolution conditions are met. These conditions include that a U.K. bank or
investment firm is failing or is likely to fail to satisfy the Financial Services and Markets Act 2000 (the "FSMA") threshold conditions for
authorization to carry on certain regulated activities (within the meaning of section 55B FSMA) or, in the case of a U.K. banking group company
that is a European Economic Area ("EEA") or third country institution or investment firm, that the relevant EEA or third country relevant authority
is satisfied that the resolution conditions are met in respect of that entity.

The U.K. Bail-in Power includes any write-down, conversion, transfer, modification and/or suspension power, which allows for (i) the reduction
or cancellation of all, or a portion, of the principal amount of, interest on, or any other amounts payable on, the Notes; (ii) the conversion of all, or a
portion, of the principal amount of, interest on, or any other amounts payable on, the Notes into shares or other securities or other obligations of
Barclays Bank PLC or another person (and the issue to, or conferral on, the holder or beneficial owner of the Notes such shares, securities or
obligations); and/or (iii) the amendment or alteration of the maturity of the Notes, or amendment of the amount of interest or any other amounts due
on the Notes, or the dates on which interest or any other amounts become payable, including by suspending payment for a temporary period; which
U.K. Bail-in Power may be exercised by means of a variation of the terms of the Notes solely to give effect to the exercise by the relevant U.K.
resolution authority of such U.K. Bail-in Power. Each holder and beneficial owner of the Notes further acknowledges and agrees that the rights of
the holders or beneficial owners of the Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. Bail-
in Power by the relevant U.K. resolution authority. For the avoidance of doubt, this consent and acknowledgment is not a waiver of any rights
holders or beneficial owners of the Notes may have at law if and to the extent that any U.K. Bail-in Power is exercised by the relevant U.K.
resolution authority in breach of laws applicable in England.

For more information, please see "Selected Risk Considerations--You May Lose Some or All of Your Investment If Any U.K. Bail-in Power Is
Exercised by the Relevant U.K. Resolution Authority" in this pricing supplement as well as "U.K. Bail-in Power," "Risk Factors--Risks Relating
to the Securities Generally--Regulatory action in the event a bank or investment firm in the Group is failing or likely to fail could materially
adversely affect the value of the securities" and "Risk Factors--Risks Relating to the Securities Generally--Under the terms of the securities, you
have agreed to be bound by the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority" in the accompanying prospectus
supplement.

PS-2

ADDITIONAL INFORMATION REGARDING OUR ESTIMATED VALUE OF THE NOTES

Our internal pricing models take into account a number of variables and are based on a number of subjective assumptions, which may or may not
materialize, typically including volatility, interest rates, and our internal funding rates. Our internal funding rates (which are our internally
published borrowing rates based on variables such as market benchmarks, our appetite for borrowing, and our existing obligations coming to
maturity) may vary from the levels at which our benchmark debt securities trade in the secondary market. Our estimated value on the Initial
Valuation Date is based on our internal funding rates. Our estimated value of the Notes may be lower if such valuation were based on the levels at
which our benchmark debt securities trade in the secondary market.

Our estimated value of the Notes on the Initial Valuation Date is less than the initial issue price of the Notes. The difference between the initial
issue price of the Notes and our estimated value of the Notes results from several factors, including any sales commissions to be paid to Barclays
Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees to be allowed or paid to non-affiliated
intermediaries, the estimated profit that we or any of our affiliates expect to earn in connection with structuring the Notes, the estimated cost which
we may incur in hedging our obligations under the Notes, and estimated development and other costs which we may incur in connection with the
Notes.

Our estimated value on the Initial Valuation Date is not a prediction of the price at which the Notes may trade in the secondary market, nor will it
be the price at which Barclays Capital Inc. may buy or sell the Notes in the secondary market. Subject to normal market and funding conditions,
Barclays Capital Inc. or another affiliate of ours intends to offer to purchase the Notes in the secondary market but it is not obligated to do so.

Assuming that all relevant factors remain constant after the Initial Valuation Date, the price at which Barclays Capital Inc. may initially buy or sell
the Notes in the secondary market, if any, and the value that we may initially use for customer account statements, if we provide any customer
account statements at all, may exceed our estimated value on the Initial Valuation Date for a temporary period expected to be approximately six
months after the Issue Date because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging
our obligations under the Notes and other costs in connection with the Notes which we will no longer expect to incur over the term of the Notes.
We made such discretionary election and determined this temporary reimbursement period on the basis of a number of factors, which may include
the tenor of the Notes and/or any agreement we may have with the distributors of the Notes. The amount of our estimated costs which we
effectively reimburse to investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue such
reimbursement at any time or revise the duration of the reimbursement period after the initial Issue Date of the Notes based on changes in market
conditions and other factors that cannot be predicted.

We urge you to read the "Selected Risk Considerations" beginning on page PS­8 of this pricing supplement.
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PS-3

SELECTED PURCHASE CONSIDERATIONS

The Notes are not suitable for all investors. The Notes may be a suitable investment for you if all of the following statements are true:

·
You do not seek an investment that produces periodic interest or coupon payments or other sources of current income.


·
You can tolerate a loss of some of your principal amount, and you are willing and able to make an investment that may have the downside

market risk of an investment in the Least Performing Reference Asset.

·
You are willing and able to accept the individual market risk of each Reference Asset and understand that any decline in the value of one

Reference Asset will not be offset or mitigated by a lesser decline or any potential increase in the value of any other Reference Asset.

·
You anticipate that the Reference Asset Return of each Reference Asset will be greater than 0.00%.


·
You understand and accept the risk that the payment at maturity will be based solely on the Reference Asset Return of the Least

Performing Reference Asset.

·
You understand and are willing and able to accept the risks associated with an investment linked to the performance of the Reference

Assets.

·
You understand and accept that you will not be entitled to receive dividends or distributions that may be paid to holders of any Reference

Asset or any securities to which any Reference Asset provides exposure, nor will you have any voting rights with respect to any
Reference Asset or any securities to which any Reference Asset provides exposure.

·
You can tolerate fluctuations in the price of the Notes prior to scheduled maturity that may be similar to or exceed the downside

fluctuations in the value of the Reference Assets.

·
You do not seek an investment for which there will be an active secondary market, and you are willing and able to hold the Notes to

maturity.

·
You are willing and able to assume our credit risk for all payments on the Notes.


·
You are willing and able to consent to the exercise of any U.K. Bail-in Power by any relevant U.K. resolution authority.


The Notes may not be a suitable investment for you if any of the following statements are true:

·
You seek an investment that produces periodic interest or coupon payments or other sources of current income.


·
You seek an investment that provides for the full repayment of principal at maturity, and/or you are unwilling or unable to accept the risk

that you may lose up to 90.00% of the principal amount of your Notes in the event that the Final Value of the Least Performing Reference
Asset falls below its Barrier Value.

·
You anticipate that the Reference Asset Return of any Reference Asset will be less than 0.00%.


·
You are unwilling or unable to accept the risk that the negative performance of any one Reference Asset may cause you to earn no

positive return or to suffer a loss of principal at maturity, regardless of the performance of the other Reference Asset.

·
You are unwilling or unable to accept the individual market risk of each Reference Asset and/or do not understand that any decline in the

value of one Reference Asset will not be offset or mitigated by a lesser decline or any potential increase in the value of any other
Reference Asset.

·
You cannot tolerate fluctuations in the price of the Notes prior to scheduled maturity that may be similar to or exceed the downside

fluctuations in the value of the Reference Assets.

·
You do not understand and/or are unwilling or unable to accept the risks associated with an investment linked to the performance of the

Reference Assets.

·
You seek an investment that entitles you to dividends or distributions on, or voting rights related to any Reference Asset or any securities

to which any Reference Asset provides exposure.

·
You seek an investment for which there will be an active secondary market, and/or you are unwilling or unable to hold the Notes to

maturity.

·
You prefer the lower risk, and therefore accept the potentially lower returns, of fixed income investments with comparable maturities and

credit ratings.

·
You are unwilling or unable to assume our credit risk for all payments on the Notes.


·
You are unwilling or unable to consent to the exercise of any U.K. Bail-in Power by any relevant U.K. resolution authority.


You must rely on your own evaluation of the merits of an investment in the Notes. You should reach a decision whether to invest in the Notes
after carefully considering, with your advisors, the suitability of the Notes in light of your investment objectives and the specific information set out
in this pricing supplement and the documents referenced under "Additional Documents Related to the Offering of the Notes" in this pricing
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supplement. Neither the Issuer nor Barclays Capital Inc. makes any recommendation as to the suitability of the Notes for investment.

PS-4

ADDITIONAL TERMS OF THE NOTES

The Final Valuation Date and the Maturity Date are subject to postponement in certain circumstances, as described under "Reference Assets--
Exchange-Traded Funds--Market Disruption Events for Securities with an Exchange-Traded Fund that Holds Equity Securities as a Reference
Asset" and "Reference Assets--Least or Best Performing Reference Asset--Scheduled Trading Days and Market Disruption Events for Securities
Linked to the Reference Asset with the Lowest or Highest Return in a Group of Two or More Equity Securities, Exchange-Traded Funds and/or
Indices of Equity Securities" and "Terms of the Notes--Payment Dates" in the accompanying prospectus supplement.

In addition, the Reference Assets and the Notes are subject to adjustment by the Calculation Agent under certain circumstances, as described under
"Reference Assets--Exchange-Traded Funds--Adjustments Relating to Securities with an Exchange-Traded Fund as a Reference Asset" in the
accompanying prospectus supplement.

PS-5

HYPOTHETICAL EXAMPLES OF AMOUNTS PAYABLE AT MATURITY

The following table illustrates the hypothetical payment at maturity under various circumstances. The "total return" as used in these examples is
the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 principal amount Note to $1,000. The
hypothetical total returns set forth below are for illustrative purposes only and may not be the actual total returns applicable to a purchaser of the
Notes. The numbers appearing in the following table and examples have been rounded for ease of analysis. The hypothetical examples below do
not take into account any tax consequences from investing in the Notes and make the following key assumption:


Hypothetical Initial Value of each Reference Asset: 100.00 *


*
The hypothetical Initial Value of 100.00 for each Reference Asset has been chosen for illustrative purposes only. The actual Initial Value for

each Reference Asset is as set forth on the cover of this pricing supplement.

Final Value

Reference Asset Return

Reference Asset Return
Payment at
Total Return on
Gold Trust
Silver Trust

Gold Trust
Silver Trust

of the Least Performing
Maturity**
Notes
Reference Asset
150.00
190.00

50.00%
90.00%

50.00%
$1,900.00
90.00%
145.00
140.00

45.00%
40.00%

40.00%
$1,720.00
72.00%
130.00
150.00

30.00%
50.00%

30.00%
$1,540.00
54.00%
125.00
120.00

25.00%
20.00%

20.00%
$1,360.00
36.00%
140.00
110.00

40.00%
10.00%

10.00%
$1,180.00
18,00%
115.00
105.00

15.00%
5.00%

5.00%
$1,090.00
9.00%
110.00
100.00

10.00%
0.00%

0.00%
$1,000.00
0.00%
90.00
102.50

-10.00%
2.50%

-10.00%
$1,000.00
0.00%
80.00
120.00

-20.00%
20.00%

-20.00%
$900.00
-10.00%
95.00
70.00

-5.00%
-30.00%

-30.00%
$800.00
-20.00%
105.00
60.00

5.00%
-40.00%

-40.00%
$700.00
-30.00%
50.00
120.00

-50.00%
20.00%

-50.00%
$600.00
-40.00%
40.00
135.00

-60.00%
35.00%

-60.00%
$500.00
-50.00%
40.00
30.00

-60.00%
-70.00%

-70.00%
$400.00
-60.00%
40.00
20.00

-60.00%
-80.00%

-80.00%
$300.00
-70.00%
10.00
95.00

-90.00%
-5.00%

-90.00%
$200.00
-80.00%
102.00
0.00

2.00%
-100.00%

-100.00%
$100.00
-90.00%

** per $1,000 principal amount Note

The following examples illustrate how the payments at maturity set forth in the table above are calculated:

Example 1: The Final Value of the Gold Trust is 140.00 and the Final Value of the Silver Trust is 110.00.

Because the Silver Trust has the lowest Reference Asset Return, the Silver Trust is the Least Performing Reference Asset. Because the Reference
Asset Return of the Least Performing Reference Asset is greater than 0.00%, you will receive a payment at maturity of $1,180.00 per $1,000
principal amount Note that you hold, calculated as follows:

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$1,000 + [$1,000 × Reference Asset Return of the Least Performing Reference Asset × Upside Leverage Factor]
$1,000 + [$1,000 × 10.00% × 1.80] = $1,180.00

The total return on investment of the Notes is 18.00%.

Example 2: The Final Value of the Gold Trust is 90.00 and the Final Value of the Silver Trust is 102.50.

Because the Gold Trust has the lowest Reference Asset Return, the Gold Trust is the Least Performing Reference Asset. Because the Reference
Asset Return of the Least Performing Reference Asset is less than or equal to 0.00% but greater than or equal to -10.00%, you will receive a
payment at maturity of $1,000.00 per $1,000 principal amount Note that you hold.

The total return on investment of the Notes is 0.00%.

Example 3: The Final Value of the Gold Trust is 40.00 and the Final Value of the Silver Trust is 135.00.

Because the Gold Trust has the lowest Reference Asset Return, the Gold Trust is the Least Performing Reference Asset. Because the Reference
Asset Return of the Least Performing Reference Asset is less than -10.00%, you will receive a payment at maturity of $500.00 per $1,000 principal
amount Note that you hold, calculated as follows:

$1,000 + [$1,000 × (Reference Asset Return of the Least Performing Reference Asset + Buffer Percentage)]
$1,000 + [$1,000 × (-60.00% + 10.00%)] = $500.00

The total return on investment of the Notes is -50.00%.

PS-6

Example 4: The Final Value of the Gold Trust is 40.00 and the Final Value of the Silver Trust is 30.00.

Because the Silver Trust has the lowest Reference Asset Return, the Silver Trust is the Least Performing Reference Asset. Because the Reference
Asset Return of the Least Performing Reference Asset is less than -10.00%, you will receive a payment at maturity of $400.00 per $1,000 principal
amount Note that you hold, calculated as follows:

$1,000 + [$1,000 × (Reference Asset Return of the Least Performing Reference Asset + Buffer Percentage)]
$1,000 + [$1,000 × (-70.00% + 10.00%)] = $400.00

The total return on investment of the Notes is -60.00%.

Each example above demonstrates that the payment at maturity on your Notes will be calculated solely based on the Reference Asset Return of the
Least Performing Reference Asset.

Examples 3 and 4 demonstrate that, if the Reference Asset Return of the Least Performing Reference Asset is less than -10.00%, you will lose
1.00% of the principal amount of your Notes for every 1.00% that the Reference Asset Return of such Reference Asset falls below -10.00%. You
will not benefit in the any way from the Reference Asset Return of any other Reference Asset being higher than the Reference Asset Return of the
Least Performing Reference Asset.

You may lose up to 90.00% of the principal amount of your Notes. Any payment on the Notes, including the repayment of principal, is subject
to the credit risk of Barclays Bank PLC.

PS-7

SELECTED RISK CONSIDERATIONS

An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Reference Assets or their
components. Some of the risks that apply to an investment in the Notes are summarized below, but we urge you to read the more detailed
explanation of risks relating to the Notes generally in the "Risk Factors" section of the prospectus supplement. You should not purchase the Notes
unless you understand and can bear the risks of investing in the Notes.

·
Your Investment in the Notes May Result in a Significant Loss--The Notes differ from ordinary debt securities in that the Issuer will not

necessarily repay the full principal amount of the Notes at maturity. If the Reference Asset Return of the Least Performing Reference Asset is
less -10.00%, you will lose 1.00% of the principal amount of your Notes for every 1.00% that the Reference Asset Return of such Reference
Asset falls below -10.00%. You may lose up to 90.00% of the principal amount of your Notes.

·
You are Exposed to the Market Risk of Each Reference Asset--Your return on the Notes is not linked to a basket consisting of the

Reference Assets. Rather, it will be contingent upon the independent performance of each Reference Asset. Unlike an instrument with a return
linked to a basket of underlying assets in which risk is mitigated and diversified among all the components of the basket, you will be exposed
to the risks related to each Reference Asset. Poor performance by any Reference Asset over the term of the Notes may negatively affect your
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return and will not be offset or mitigated by any increases or lesser declines in the value of the other Reference Asset. To receive a positive
return on your Notes at maturity, the Final Value of each Reference Asset must be greater than 0.00%. If the Reference Asset Return of any
Reference Asset is less than -10.00%, you will be exposed to the full decline in the Lesser Performing Reference Asset below the Buffer
Percentage. Accordingly, your investment is subject to the market risk of each Reference Asset.

·
The Payment at Maturity of the Notes is Based Solely on the Closing Value of the Least Performing Reference Asset on the Final

Valuation Date--The Final Values (and resulting Reference Asset Returns) will be based solely on the Closing Values of the Reference
Assets on the Final Valuation Date. Accordingly, if the value of the Least Performing Reference Asset drops on the Final Valuation Date, the
payment at maturity on the Notes may be significantly less than it would have been had it been linked to the value of the Reference Asset at
any time prior to such drop. Any payment on the Notes, including the repayment of principal, is subject to the credit risk of Barclays Bank
PLC.

·
Credit of Issuer--The Notes are unsecured and unsubordinated debt obligations of the Issuer, Barclays Bank PLC, and are not, either directly

or indirectly, an obligation of any third party. Any payment to be made on the Notes is subject to the ability of Barclays Bank PLC to satisfy
its obligations as they come due and is not guaranteed by any third party. As a result, the actual and perceived creditworthiness of Barclays
Bank PLC may affect the market value of the Notes, and in the event Barclays Bank PLC were to default on its obligations, you may not
receive any amounts owed to you under the terms of the Notes.

·
You May Lose Some or All of Your Investment If Any U.K. Bail-in Power Is Exercised by the Relevant U.K. Resolution Authority--

Notwithstanding any other agreements, arrangements or understandings between Barclays Bank PLC and any holder or beneficial owner of the
Notes, by acquiring the Notes, each holder and beneficial owner of the Notes acknowledges, accepts, agrees to be bound by, and consents to
the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority as set forth under "Consent to U.K. Bail-in Power" in this
pricing supplement. Accordingly, any U.K. Bail-in Power may be exercised in such a manner as to result in you and other holders and
beneficial owners of the Notes losing all or a part of the value of your investment in the Notes or receiving a different security from the Notes,
which may be worth significantly less than the Notes and which may have significantly fewer protections than those typically afforded to debt
securities. Moreover, the relevant U.K. resolution authority may exercise the U.K. Bail-in Power without providing any advance notice to, or
requiring the consent of, the holders and the beneficial owners of the Notes. The exercise of any U.K. Bail-in Power by the relevant U.K.
resolution authority with respect to the Notes will not be a default or an Event of Default (as each term is defined in the senior debt securities
indenture) and the trustee will not be liable for any action that the trustee takes, or abstains from taking, in either case, in accordance with the
exercise of the U.K. Bail-in Power by the relevant U.K. resolution authority with respect to the Notes. See "Consent to U.K. Bail-in Power" in
this pricing supplement as well as "U.K. Bail-in Power," "Risk Factors--Risks Relating to the Securities Generally--Regulatory action in the
event a bank or investment firm in the Group is failing or likely to fail could materially adversely affect the value of the securities" and "Risk
Factors--Risks Relating to the Securities Generally--Under the terms of the securities, you have agreed to be bound by the exercise of any
U.K. Bail-in Power by the relevant U.K. resolution authority" in the accompanying prospectus supplement.

·
Owning the Notes is Not the Same as Owning Any Reference Asset or Any Securities to which Any Reference Asset Provides

Exposure--The return on the Notes may not reflect the return you would realize if you actually owned any Reference Asset or any securities
to which any Reference Asset provides exposure. As a holder of the Notes, you will not have voting rights or rights to receive dividends or
other distributions or any other rights that holders of any Reference Asset or any securities to which any Reference Asset provides exposure
may have.

·
Historical Performance of the Reference Assets Should Not Be Taken as Any Indication of the Future Performance of the Reference

Assets Over the Term of the Notes--The value of each Reference Asset has fluctuated in the past and may, in the future, experience
significant fluctuations. The historical performance of a Reference Asset is not an indication of the future performance of that Reference Asset
over the term of the Notes. The historical correlation between the Reference Assets is not an indication of the future correlation between them
over the term of the Notes. Therefore, the performance of the Reference Assets individually or in comparison to each other over the term of the
Notes may bear no relation or resemblance to the historical performance of either Reference Asset.

PS-8

·
Certain Features of Exchange-Traded Funds Will Impact the Value of the Notes--The performance of each Reference Asset will not

fully replicate the performance of its Underlying Index (as defined below), and each Reference Asset may hold securities not included in its
Underlying Index. The value of each Reference Asset is subject to:

o
Management risk. This is the risk that the investment strategy for the Reference Asset, the implementation of which is subject to a

number of constraints, may not produce the intended results. The investment adviser of each Reference Asset may have the right to
use a portion of the Reference Asset's assets to invest in shares of equity securities that are not included in its Underlying Index. The
Reference Assets are not actively managed, and the investment adviser of the Reference Assets will generally not attempt to take
defensive positions in declining markets.

o
Derivatives risk. The Reference Assets may invest in derivatives, including forward contracts, futures contracts, options on futures

contracts, options and swaps. A derivative is a financial contract, the value of which depends on, or is derived from, the value of an
underlying asset such as a security or an index. Compared to conventional securities, derivatives can be more sensitive to changes in
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interest rates or to sudden fluctuations in market prices, and thus each Reference Asset's losses may be greater than if the Reference
Asset invested only in conventional securities.

o
Transaction costs and fees. Unlike its Underlying Index, each Reference Asset will reflect transaction costs and fees that will reduce

its performance relative to its Underlying Index.

Generally, the longer the time remaining to maturity, the more the market price of the Notes will be affected by the factors described above. In
addition, the price of the Reference Assets may diverge significantly from the performance of its Underlying Index due to differences in
trading hours between Reference Asset and the securities composing its Underlying Index or other circumstances. During periods of market
volatility, the component securities held by each Reference Asset may be unavailable in the secondary market, market participants may be
unable to calculate accurately the intraday net asset value per share of the Reference Asset and the liquidity of the Reference Asset may be
adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares in each
Reference Asset. Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to
buy and sell shares of each Reference Asset. As a result, under these circumstances, the market value of each Reference Asset may vary
substantially from the net asset value per share of the Reference Asset. Because the Notes are linked to the performance of the Reference
Assets and not the Underlying Index of the Reference Assets, the return on your Notes may be less than that of an alternative investment
linked directly to the Underlying Index.

·
Anti-dilution Protection Is Limited, and the Calculation Agent Has Discretion to Make Anti-dilution Adjustments--The Calculation

Agent may in its sole discretion make adjustments affecting the amounts payable on the Notes upon the occurrence of certain events that the
Calculation Agent determines have a diluting or concentrative effect on the theoretical value of the shares of any Reference Asset. However,
the Calculation Agent might not make such adjustments in response to all events that could affect the shares of any Reference Asset. The
occurrence of any such event and any adjustment made by the Calculation Agent (or a determination by the Calculation Agent not to make any
adjustment) may adversely affect any amounts payable on the Notes. See "Reference Assets--Exchange-Traded Funds--Adjustments
Relating to Securities with an Exchange-Traded Fund as a Reference Asset--Anti-dilution Adjustments" in the accompanying prospectus
supplement.

·
Adjustments to Any Reference Asset or its Underlying Index Could Adversely Affect the Value of the Notes or Result in the Notes

Being Accelerated--The investment adviser of any Reference Asset may add, delete or substitute the component securities held by that
Reference Asset or make changes to its investment strategy, and the sponsor of the Underlying Index that any Reference Asset is designed to
track may add, delete, substitute or adjust the securities composing such Underlying Index or make other methodological changes to such
Underlying Index that could affect its performance. In addition, if the shares of any Reference Asset are delisted or if any Reference Asset is
liquidated or otherwise terminated, the Calculation Agent may select a successor fund that the Calculation Agent determines to be comparable
to that Reference Asset or, if no successor fund is available, the Maturity Date of the Notes will be accelerated for a payment determined by
the Calculation Agent. Any of these actions could adversely affect the value of any Reference Asset and, consequently, the value of the Notes.
Any amount payable upon acceleration could be significantly less than the amount(s) that would be due on the securities if they were not
accelerated. See "Reference Assets--Exchange-Traded Funds--Adjustments Relating to Securities with an Exchange-Traded Fund as a
Reference Asset--Discontinuance of an Exchange-Traded Fund" in the accompanying prospectus supplement.

·
The Performance and Market Value of the Reference Assets, Particularly during Periods of Market Volatility, May Not Correlate

with the Performance of each Reference Asset's Underlying Commodity as well as the Net Asset Value per Share--Each Reference
Asset does not fully replicate the performance of its underlying commodity due to the fees and expenses charged by that Reference Asset or by
restrictions on access to the relevant underlying commodity due to other circumstances. Each Reference Asset does not generate any income,
and as each Reference Asset regularly sells its underlying commodity to pay for ongoing expenses, the amount of its underlying commodity
represented by each share gradually declines over time. Each Reference Asset sells its underlying commodity to pay expenses on an ongoing
basis irrespective of whether the trading price of the shares rises or falls in response to changes in the price of its underlying commodity. The
sale by any Reference Asset of its underlying commodity to pay expenses at a time of low prices for its underlying commodity could
adversely affect the value of the notes. Additionally, there is a risk that part or all of any Reference Asset's holdings in its underlying
commodity could be lost, damaged or stolen due to war, terrorism, theft, natural disaster or otherwise. All of these factors may lead to a lack
of correlation between the performance of any Reference Asset and its underlying commodity. In addition, because the shares of the Reference
Assets are traded on a securities exchange and are subject to market supply and investor demand, the market value of one share of any
Reference Asset may differ from the net asset value per share of that Reference Asset.

PS-9

During periods of market volatility, any Reference Asset's underlying commodity may be unavailable in the secondary market, market
participants may be unable to calculate accurately the net asset value per share of each Reference Asset and the liquidity of that Reference
Asset may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares
of the Reference Assets. Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are
willing to buy and sell shares of the Reference Assets. As a result, under these circumstances, the market value of shares of the Reference
Assets may vary substantially from the net asset value per share of the Reference Assets. For all of the foregoing reasons, the performance of
the Reference Assets may not correlate with the performance of its respective underlying commodity as well as the net asset value per share of
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any Reference Asset, which could materially and adversely affect the value of the notes in the secondary market and/or reduce any payment on
the notes.

·
There Are Risks Associated with Commodities Trading on the London Bullion Market Association with Respect to the Gold Trust--

The investment objective of the Gold Trust is to reflect the performance of the price of gold bullion, less the Gold Trust's expenses. The prices
of gold are determined by the London Bullion Market Association (the "LBMA") or an independent service provider appointed by the LBMA.
The LBMA is a self-regulatory association of bullion market participants. Although all market-making members of the LBMA are supervised
by the Bank of England and are required to satisfy a capital adequacy test, the LBMA itself is not a regulated entity. If the LBMA should cease
operations, or if bullion trading should become subject to a value added tax or other tax or any other form of regulation currently not in place,
the role of the LBMA gold prices as a global benchmark for the values of gold may be adversely affected. The LBMA is a principals' market
which operates in a manner more closely analogous to an over-the-counter physical commodity market than regulated futures markets, and
certain features of U.S. futures contracts are not present in the context of LBMA trading. For example, there are no daily price limits on the
LBMA which would otherwise restrict fluctuations in the prices of LBMA contracts. In a declining market, it is possible that prices would
continue to decline without limitation within a trading day or over a period of trading days. The LBMA may alter, discontinue or suspend
calculation or dissemination of the LBMA gold prices, which could adversely affect the value of the Notes. The LBMA, or an independent
service provider appointed by the LBMA, will have no obligation to consider your interests in calculating or revising the LBMA gold prices.

·
The Notes Are Subject to Risks Associated with Gold with respect to the Gold Trust--The investment objective of the Gold Trust is to

reflect the performance of the price of gold bullion, less the Gold Trust's expenses. The price of gold is primarily affected by the global
demand for and supply of gold. The market for gold bullion is global, and gold prices are subject to volatile price movements over short
periods of time and are affected by numerous factors, including macroeconomic factors, such as the structure of and confidence in the global
monetary system, expectations regarding the future rate of inflation, the relative strength of, and confidence in, the U.S. dollar (the currency in
which the price of gold is usually quoted), interest rates, gold borrowing and lending rates and global or regional economic, financial, political,
regulatory, judicial or other events. Gold prices may be affected by industry factors, such as industrial and jewelry demand as well as lending,
sales and purchases of gold by the official sector, including central banks and other governmental agencies and multilateral institutions that
hold gold. Additionally, gold prices may be affected by levels of gold production, production costs and short-term changes in supply and
demand due to trading activities in the gold market. From time to time, above-ground inventories of gold may also influence the market. It is
not possible to predict the aggregate effect of all or any combination of these factors. The price of gold has recently been, and may continue to
be, extremely volatile.

·
The Notes Are Subject to Risks Associated with Silver--The Silver Trust seeks to reflect generally the performance of the price of silver,

less the Silver Trust's expenses and liabilities. The price of silver is primarily affected by global demand for and supply of silver. Silver prices
can fluctuate widely and may be affected by numerous factors. These include general economic trends, technical developments, substitution
issues and regulation, as well as specific factors including industrial and jewelry demand, expectations with respect to the rate of inflation, the
relative strength of the U.S. dollar (the currency in which the price of silver is generally quoted) and other currencies, interest rates, central
bank sales, forward sales by producers, global or regional political or economic events and production costs and disruptions in major silver-
producing countries, such as Mexico, China and Peru. The demand for and supply of silver affect silver prices, but not necessarily in the same
manner as supply and demand affect the prices of other commodities. The supply of silver consists of a combination of new mine production
and existing stocks of bullion and fabricated silver held by governments, public and private financial institutions, industrial organizations and
private individuals. In addition, the price of silver has on occasion been subject to very rapid short-term changes due to speculative activities.
From time to time, above-ground inventories of silver may also influence the market. The major end uses for silver include industrial
applications, jewelry and silverware. It is not possible to predict the aggregate effect of all or any combination of these factors.

·
The Estimated Value of Your Notes is Lower Than the Initial Issue Price of Your Notes--The estimated value of your Notes on the

Initial Valuation Date is lower than the initial issue price of your Notes. The difference between the initial issue price of your Notes and the
estimated value of the Notes is a result of certain factors, such as any sales commissions to be paid to Barclays Capital Inc. or another affiliate
of ours, any selling concessions, discounts, commissions or fees to be allowed or paid to non-affiliated intermediaries, the estimated profit that
we or any of our affiliates expect to earn in connection with structuring the Notes, the estimated cost which we may incur in hedging our
obligations under the Notes, and estimated development and other costs which we may incur in connection with the Notes.

PS-10

·
The Estimated Value of Your Notes Might be Lower if Such Estimated Value Were Based on the Levels at Which Our Debt Securities

Trade in the Secondary Market--The estimated value of your Notes on the Initial Valuation Date is based on a number of variables,
including our internal funding rates. Our internal funding rates may vary from the levels at which our benchmark debt securities trade in the
secondary market. As a result of this difference, the estimated value referenced above might be lower if such estimated value was based on the
levels at which our benchmark debt securities trade in the secondary market.

·
The Estimated Value of the Notes is Based on Our Internal Pricing Models, Which May Prove to be Inaccurate and May be Different

from the Pricing Models of Other Financial Institutions--The estimated value of your Notes on the Initial Valuation Date is based on our
internal pricing models, which take into account a number of variables and are based on a number of subjective assumptions, which may or
may not materialize. These variables and assumptions are not evaluated or verified on an independent basis. Further, our pricing models may
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be different from other financial institutions' pricing models and the methodologies used by us to estimate the value of the Notes may not be
consistent with those of other financial institutions which may be purchasers or sellers of Notes in the secondary market. As a result, the
secondary market price of your Notes may be materially different from the estimated value of the Notes determined by reference to our
internal pricing models.

·
The Estimated Value of Your Notes Is Not a Prediction of the Prices at Which You May Sell Your Notes in the Secondary Market, if

any, and Such Secondary Market Prices, If Any, Will Likely be Lower Than the Initial Issue Price of Your Notes and May be Lower
Than the Estimated Value of Your Notes--The estimated value of the Notes will not be a prediction of the prices at which Barclays Capital
Inc., other affiliates of ours or third parties may be willing to purchase the Notes from you in secondary market transactions (if they are
willing to purchase, which they are not obligated to do). The price at which you may be able to sell your Notes in the secondary market at any
time will be influenced by many factors that cannot be predicted, such as market conditions, and any bid and ask spread for similar sized
trades, and may be substantially less than our estimated value of the Notes. Further, as secondary market prices of your Notes take into
account the levels at which our debt securities trade in the secondary market, and do not take into account our various costs related to the
Notes such as fees, commissions, discounts, and the costs of hedging our obligations under the Notes, secondary market prices of your Notes
will likely be lower than the initial issue price of your Notes. As a result, the price at which Barclays Capital Inc., other affiliates of ours or
third parties may be willing to purchase the Notes from you in secondary market transactions, if any, will likely be lower than the price you
paid for your Notes, and any sale prior to the Maturity Date could result in a substantial loss to you.

·
The Temporary Price at Which We May Initially Buy The Notes in the Secondary Market And the Value We May Initially Use for

Customer Account Statements, If We Provide Any Customer Account Statements At All, May Not Be Indicative of Future Prices of
Your Notes--Assuming that all relevant factors remain constant after the Initial Valuation Date, the price at which Barclays Capital Inc. may
initially buy or sell the Notes in the secondary market (if Barclays Capital Inc. makes a market in the Notes, which it is not obligated to do)
and the value that we may initially use for customer account statements, if we provide any customer account statements at all, may exceed our
estimated value of the Notes on the Initial Valuation Date, as well as the secondary market value of the Notes, for a temporary period after the
initial Issue Date of the Notes. The price at which Barclays Capital Inc. may initially buy or sell the Notes in the secondary market and the
value that we may initially use for customer account statements may not be indicative of future prices of your Notes.

·
We and Our Affiliates May Engage in Various Activities or Make Determinations That Could Materially Affect the Notes in Various

Ways and Create Conflicts of Interest--We and our affiliates play a variety of roles in connection with the issuance of the Notes, as
described below. In performing these roles, our and our affiliates' economic interests are potentially adverse to your interests as an investor in
the Notes.

In connection with our normal business activities and in connection with hedging our obligations under the Notes, we and our affiliates make
markets in and trade various financial instruments or products for our accounts and for the account of our clients and otherwise provide
investment banking and other financial services with respect to these financial instruments and products. These financial instruments and
products may include securities, derivative instruments or assets that may relate to the Reference Assets or the components of their underlying
indices. In any such market making, trading and hedging activity, and other financial services, we or our affiliates may take positions or take
actions that are inconsistent with, or adverse to, the investment objectives of the holders of the Notes. We and our affiliates have no obligation
to take the needs of any buyer, seller or holder of the Notes into account in conducting these activities. Such market making, trading and
hedging activity, investment banking and other financial services may negatively impact the value of the Notes.

In addition, the role played by Barclays Capital Inc., as the agent for the Notes, could present significant conflicts of interest with the role of
Barclays Bank PLC, as issuer of the Notes. For example, Barclays Capital Inc. or its representatives may derive compensation or financial
benefit from the distribution of the Notes and such compensation or financial benefit may serve as incentive to sell the Notes instead of other
investments. Furthermore, we and our affiliates establish the offering price of the Notes for initial sale to the public, and the offering price is
not based upon any independent verification or valuation.

In addition to the activities described above, we will also act as the Calculation Agent for the Notes. As Calculation Agent, we will determine
any values of the Reference Assets and make any other determinations necessary to calculate any payments on the Notes. In making these
determinations, the Calculation Agent may be required to make discretionary judgements relating to the Reference Assets, including
determining whether a market disruption event has occurred or whether certain adjustments to the Reference Assets or other terms of the Notes
are necessary, as further described in the accompanying prospectus supplement. In making these discretionary judgments, our economic
interests are potentially adverse to your interests as an investor in the Notes, and any of these determinations may adversely affect any
payments on the Notes.

PS-11

·
Lack of Liquidity--The Notes will not be listed on any securities exchange. Barclays Capital Inc. and other affiliates of Barclays Bank PLC

intend to make a secondary market for the Notes but are not required to do so, and may discontinue any such secondary market making at any
time, without notice. Barclays Capital Inc. may at any time hold unsold inventory, which may inhibit the development of a secondary market
for the Notes. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. Because
other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to
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