Obbligazione Barclay PLC 0% ( US06747PCW77 ) in USD

Emittente Barclay PLC
Prezzo di mercato 100 USD  ▲ 
Paese  Regno Unito
Codice isin  US06747PCW77 ( in USD )
Tasso d'interesse 0%
Scadenza 28/02/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Barclays PLC US06747PCW77 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 2 180 000 USD
Cusip 06747PCW7
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
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 US06747PCW77, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 28/02/2023







424B2 1 a20-11168_34424b2.htm 2 LN112 [BARC-AMERICAS.FID1129401]
Pricing Supplement dated February 26, 2020
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

$2,180,000
Phoenix AutoCallable Notes due February 28, 2023
Linked to the Common Stock of Shopify Inc.
Global Medium-Term Notes, Series 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:
February 26, 2020
Issue Date:
February 28, 2020
Final Valuation Date:*
February 23, 2023
Maturity Date:*
February 28, 2023
Reference Asset:
The common stock of Shopify Inc. ("SHOP")
Automatic Call:
The Notes cannot be redeemed for the first three months after the Issue Date. If, on any Call Valuation Date, the Closing Value of
the Reference Asset is greater than or equal to the Call Value, the Notes will be automatically redeemed for a cash payment per
$1,000 principal amount Note equal to the Redemption Price payable on the Call Settlement Date. No further amounts will be
payable on the Notes after the Call Settlement Date.
Payment at Maturity:
If the Notes are not redeemed prior to scheduled maturity, and 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 (in each case, in addition to any Contingent Coupon that may
be payable on such date) determined as follows:
If the Final Value of the Reference Asset is greater than or equal to the Barrier Value, you will receive a payment of
$1,000 per $1,000 principal amount Note
If the Final Value of the Reference Asset is less than the Barrier Value, you will receive an amount per $1,000 principal
amount Note calculated as follows:
$1,000 + [$1,000 × Reference Asset Return of the Reference Asset]
If the Notes are not redeemed prior to scheduled maturity, and if the Final Value of the Reference Asset is less than the Barrier
Value, your Notes will be fully exposed to the decline of the Reference Asset from its Initial Value. You may lose up to 100.00%
of the principal amount of your Notes at maturity.
Any payment on the Notes, including any repayment of principal, is not guaranteed by any third party and is subject to (a) the
creditworthiness of Barclays Bank PLC and (b) 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%
3.15%
96.85%
Total
$2,180,000
$2,180,000
$68,670
$2,111,330

(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 $968.50 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 $943.60 per Note. The estimated value is less 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 $31.50 per $1,000 principal amount Note. 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
https://www.sec.gov/Archives/edgar/data/312070/000110465920026114/a20-11168_34424b2.htm[2/27/2020 3:40:39 PM]


the contrary is a criminal offense.

The Notes constitute our unsecured and unsubordinated obligations. The Notes are not deposit liabilities of 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

Contingent Coupon:
$28.75 per $1,000 principal amount Note, which is 2.875% of the principal amount per Note (based on 11.50% per annum rate)
If the Closing Value of the Reference Asset on an Observation Date is greater than or equal to the Coupon Barrier Value, you will
receive a Contingent Coupon on the related Contingent Coupon Payment Date. If the Closing Value of the Reference Asset on an
Observation Date is less than the Coupon Barrier Value, you will not receive a Contingent Coupon on the related Contingent Coupon
Payment Date.
Observation Dates:*
The 26th calendar day of each February, May, August and November during the term of the Notes, beginning in May 2020; provided
that the final Observation Date will be the Final Valuation Date
Contingent Coupon Payment Dates:* With respect to any Observation Date, the fifth business day after such Observation Date, provided that the Contingent Coupon
Payment Date with respect to the Final Valuation Date will be the Maturity Date
Call Valuation Dates:*
Each Observation Dates scheduled to occur during the term of the Notes, beginning in May 2020 and ending in and including
November 2022
Call Settlement Date:
The Contingent Coupon Payment Date following the Call Valuation Date on which an Automatic Call occurs
Initial Value:
$471.18, the Closing Value on the Initial Valuation Date
Call Value:
$471.18, 100.00% of the Initial Value (rounded to two decimal places)
Coupon Barrier Value:
$259.15, 55.00% of the Initial Value (rounded to two decimal places)
Barrier Value:
$259.15, 55.00% of the Initial Value (rounded to two decimal places)
Final Value:
The Closing Value of the Reference Asset on the Final Valuation Date
Redemption Price:
$1,000 per $1,000 principal amount Note that you hold, plus the Contingent Coupon that will otherwise be payable on the Call
Settlement Date
Reference Asset Return:
The performance of the Reference Asset from the Initial Value to the Final Value, calculated as follows:
Final Value ­ Initial Value
Initial Value
Closing Value:
The term "Closing Value" means the closing price of one share of the Reference Asset, as further described under "Reference
Assets--Equity Securities--Special Calculation Provisions" in the prospectus supplement
Calculation Agent:
Barclays Bank PLC
CUSIP / ISIN:
06747PCW7 / US06747PCW77

* 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 document listed below,
relating to our Global Medium-Term Notes, Series A, of which these Notes are a part. This pricing supplement, together with the document 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

https://www.sec.gov/Archives/edgar/data/312070/000110465920026114/a20-11168_34424b2.htm[2/27/2020 3:40:39 PM]


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
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 is a result of 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 (including any structuring or other distribution
related 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
https://www.sec.gov/Archives/edgar/data/312070/000110465920026114/a20-11168_34424b2.htm[2/27/2020 3:40:39 PM]


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.

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 fixed periodic interest or coupon payments or other non-contingent sources of current

income, and you can tolerate receiving few or no Contingent Coupons over the term of the Notes in the event the Closing Value of the
Reference Asset falls below the Coupon Barrier Value on one or more of the specified Observation Dates.

·
You understand and accept that you will not participate in any appreciation of the Reference Asset, which may be significant, and that

your return potential on the Notes is limited to the Contingent Coupons, if any, paid on the Notes.

·
You can tolerate a loss of a significant portion or all of the principal amount of your Notes, and you are willing and able to make an

investment that may have the full downside market risk of an investment in the Reference Asset.

·
You do not anticipate that the Closing Value of the Reference Asset will fall below the Coupon Barrier Value on any Observation Date or

below the Barrier Value on the Final Valuation Date.

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

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

·
You understand and accept the risks that (a) you will not receive a Contingent Coupon if the Closing Value of the Reference Asset is less

than the Coupon Barrier Value on an Observation Date and (b) you will lose some or all of your principal at maturity if the Final Value of
the Reference Asset is less than the Barrier Value.

·
You understand and accept the risk that, if the Notes are not redeemed prior to scheduled maturity, the payment at maturity, if any, will be

based solely on the Reference Asset Return of the Reference Asset.

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

Asset.

·
You are willing and able to accept the risk that the Notes may be redeemed prior to scheduled maturity and that you may not be able to

reinvest your money in an alternative investment with comparable risk and yield.

·
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 Asset.

·
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 if the Notes are not redeemed.

·
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 fixed periodic interest or coupon payments or other non-contingent sources of current income,

and/or you cannot tolerate receiving few or no Contingent Coupons over the term of the Notes in the event the Closing Value of the
Reference Asset falls below the Coupon Barrier Value on one or more of the specified Observation Dates.

·
You seek an investment that participates in the full appreciation of the Reference Asset rather than an investment with a return that is

limited to the Contingent Coupons, if any, paid on the Notes.

·
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 some or all of the principal amount of the Notes in the event that the Final Value of the Reference Asset falls below the
Barrier Value.

·
You anticipate that the Closing Value of the Reference Asset will decline during the term of the Notes such that the Closing Value of the

Reference Asset will fall below the Coupon Barrier Value on one or more Observation Dates and/or the Final Value of the Reference
Asset will fall below the Barrier Value.

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

https://www.sec.gov/Archives/edgar/data/312070/000110465920026114/a20-11168_34424b2.htm[2/27/2020 3:40:39 PM]


Reference Asset.

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

which a Reference Asset provides exposure.

·
You are unwilling or unable to accept the risk that the negative performance of the Reference Asset may cause you to not receive

Contingent Coupons and/or suffer a loss of principal at maturity.

·
You are unwilling or unable to accept the risk that the Notes may be redeemed prior to scheduled maturity.


·
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 Asset.

·
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 if the Notes are not redeemed.

·
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.


PS-4
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
supplement. Neither the Issuer nor Barclays Capital Inc. makes any recommendation as to the suitability of the Notes for investment.
ADDITIONAL TERMS OF THE NOTES
The Observation Dates (including the Final Valuation Date), the Contingent Coupon Payment Dates, any Call Settlement Date and the Maturity
Date are subject to postponement in certain circumstances, as described under "Reference Assets--Equity Securities--Market Disruption Events
for Securities with an Equity Security as a Reference Asset" and "Terms of the Notes--Payment Dates" in the accompanying prospectus
supplement.
In addition, the Reference Asset and the Notes are subject to adjustment by the Calculation Agent under certain circumstances, as described under
"Reference Assets--Equity Securities--Share Adjustments Relating to Securities with an Equity Security as a Reference Asset" in the
accompanying prospectus supplement.

PS-5
HYPOTHETICAL EXAMPLES OF AMOUNTS PAYABLE UPON AUTOMATIC CALL
The following examples demonstrate the hypothetical total return upon an Automatic Call under various circumstances. The "total return" as used
in these examples is the number, expressed as a percentage, that results from comparing the aggregate payments 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 tables 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:


For each Observation Date that is not also a Call Valuation Date, the Closing Value of at least one Reference Asset is less than its Coupon

Barrier Value. Accordingly, you will NOT receive Contingent Coupons on those Observation Dates.
Example 1: The Notes are redeemed on the first Call Valuation Date.

Is the Closing Value of Any
Is the Closing Value of
Call Valuation Date
Reference Asset Less Than its
Any Reference Asset
Payment on Contingent Coupon Payment Date
Coupon Barrier Value?
Less Than its Call
(per $1,000 principal amount Note)
Value?
1
No
No
$1,028.75
Because the Closing Value of the Reference Asset on the first Call Valuation Date is greater than or equal to the Call Value, the Notes are
redeemed and you will receive the Redemption Price on the related Call Settlement Date.
The Notes will cease to be outstanding after the Call Settlement Date, and you will not receive any further payments on the Notes.

https://www.sec.gov/Archives/edgar/data/312070/000110465920026114/a20-11168_34424b2.htm[2/27/2020 3:40:39 PM]


The total return on investment of the Notes is 2.875%.
Example 2: The Notes are redeemed on the third Call Valuation Date.

Is the Closing Value of Any
Is the Closing Value of
Call Valuation Date
Reference Asset Less Than its
Any Reference Asset
Payment on Contingent Coupon Payment Date
Coupon Barrier Value?
Less Than its Call
(per $1,000 principal amount Note)
Value?
1
No
Yes
$28.75
2
Yes
Yes
$0.00
3
No
No
$1,028.75
Because the Closing Value of the Reference Asset on the third Call Valuation Date is greater than or equal to the Call Value, the Notes are
redeemed and you will receive the Redemption Price on the related Call Settlement Date.
The Notes will cease to be outstanding after the Call Settlement Date, and you will not receive any further payments on the Notes.
The total return on investment of the Notes is 5.75%.
Example 3: The Notes are redeemed on the final Call Valuation Date.

Is the Closing Value of Any
Is the Closing Value of
Call Valuation Date
Reference Asset Less Than its
Any Reference Asset
Payment on Contingent Coupon Payment Date
Coupon Barrier Value?
Less Than its Call
(per $1,000 principal amount Note)
Value?
1
Yes
Yes
$0.00
2-10
With respect to each Call
With respect to each Call
$0.00
Valuation Date, Yes
Valuation Date, Yes
11
No
No
$1,028.75
Because the Closing Value of the Reference Asset on the final Call Valuation Date is greater than or equal to the Call Value, the Notes are
redeemed and you will receive the Redemption Price on the related Call Settlement Date. Example 3 assumes that the Closing Value of the
Reference Asset is less than the Coupon Barrier Value on each Observation Date prior to the final Call Valuation Date. Accordingly, no Contingent
Coupons are payable on the Notes until the final Call Valuation Date.
The Notes will cease to be outstanding after the Call Settlement Date, and you will not receive any further payments on the Notes.
The total return on investment of the Notes is 2.875%.
Each of the examples demonstrate that the return on the Notes upon an Automatic Call will be limited to the Contingent Coupons, if any, that may
be payable on the Notes up to and including the applicable Call Settlement Date. Each of these examples also demonstrates that a Contingent
Coupon will be payable on a Contingent Coupon Payment Date only if the Closing Value of the Reference Asset is greater than or equal to the
Coupon Barrier Value on an Observation Date. If the Closing Value of the Reference Asset on an Observation Date is less than the Coupon Barrier
Value, you will not receive a Contingent Coupon on the related Contingent Coupon Payment Date. If the Closing Value of the Reference Asset is
less than the Coupon Barrier Value on each Observation Date, you will not receive any Contingent Coupons during the term of the Notes.

PS-6
HYPOTHETICAL EXAMPLES OF AMOUNTS PAYABLE AT MATURITY
The following table illustrates the hypothetical payment at maturity under various circumstances. 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 assumptions:


Hypothetical Initial Value: 100.00*


Hypothetical Coupon Barrier Value: 55.00 (55.00% of the hypothetical Initial Value set forth above)*


Hypothetical Barrier Value: 55.00 (55.00% of the hypothetical Initial Value set forth above)*


You hold the Notes to maturity, and the Notes are NOT redeemed prior to scheduled maturity.

* The hypothetical Initial Value of 100.00, the hypothetical Coupon Barrier Value of 55.00 and the hypothetical Barrier Value of 55.00 have

been chosen for illustrative purposes only. The actual Initial Value, Coupon Barrier Value and Barrier Value are as set forth on the cover of
this pricing supplement.

Final Value
Reference Asset
Return
Payment at Maturity**
150.00
50.00%
$1,000.00
https://www.sec.gov/Archives/edgar/data/312070/000110465920026114/a20-11168_34424b2.htm[2/27/2020 3:40:39 PM]


140.00
40.00%
$1,000.00
130.00
30.00%
$1,000.00
120.00
20.00%
$1,000.00
110.00
10.00%
$1,000.00
100.00
0.00%
$1,000.00
90.00
-10.00%
$1,000.00
80.00
-20.00%
$1,000.00
70.00
-30.00%
$1,000.00
60.00
-40.00%
$1,000.00
55.00
-45.00%
$1,000.00
50.00
-50.00%
$500.00
40.00
-60.00%
$400.00
30.00
-70.00%
$300.00
20.00
-80.00%
$200.00
10.00
-90.00%
$100.00
0.00
-100.00%
$0.00

** per $1,000 principal amount Note, excluding the final Contingent Coupon that may be payable on the Maturity Date
The following examples illustrate how the payments at maturity set forth in the table above are calculated:
Example 1: The Final Value of the Reference Asset is 110.00.
Because the Final Value of the Reference Asset is greater than or equal to the Initial Value, you will receive a payment at maturity of $1,000 per
$1,000 principal amount Note that you hold (plus the Contingent Coupon that will otherwise be payable on the Maturity Date).
Example 2: The Final Value of the Reference Asset is 90.00.
Because the Final Value of the Reference Asset is greater than or equal to the Barrier Value, you will receive a payment at maturity of $1,000 per
$1,000 principal amount Note that you hold (plus the Contingent Coupon that will otherwise be payable on the Maturity Date).
Example 3: The Final Value of the Reference Asset is 40.00.
Because the Final Value of the Reference Asset is less than the Barrier Value, 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]
$1,000 + [$1,000 × -60.00%] = $400.00
In addition, because the Final Value is less than the Coupon Barrier Value, you will not receive a Contingent Coupon on the Maturity Date.
Example 3 demonstrates that if the Notes are not redeemed prior to scheduled maturity, and if the Final Value of the Reference Asset is less than
the Barrier Value, your investment in the Notes will be fully exposed to the decline of the Reference Asset from the Initial Value.
If the Notes are not redeemed prior to scheduled maturity, you may lose up to 100.00% 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 Asset or its
components, if any. 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 Notes are not redeemed prior to scheduled maturity, and if the Final
Value of the Reference Asset is less than the Barrier Value, your Notes will be fully exposed to the decline of the Reference Asset from the
Initial Value. You may lose up to 100.00% of the principal amount of your Notes.

·
Potential Return is Limited to the Contingent Coupons, If Any, and You Will Not Participate in Any Appreciation of The Reference

Asset--The potential positive return on the Notes is limited to the Contingent Coupons, if any, that may be payable during the term of the
Notes. You will not participate in any appreciation in the value of the Reference Asset, which may be significant, even though you will be
exposed to the depreciation in the value of the Reference Asset if the Notes are not redeemed and the Final Value of the Reference Asset is less
https://www.sec.gov/Archives/edgar/data/312070/000110465920026114/a20-11168_34424b2.htm[2/27/2020 3:40:39 PM]


than the Barrier Value.

·
You May Not Receive Any Contingent Coupon Payments on the Notes--The Issuer will not necessarily make periodic coupon payments

on the Notes. You will receive a Contingent Coupon on a Contingent Coupon Payment Date only if the Closing Value of the Reference Asset
on the related Observation Date is greater than or equal to the Coupon Barrier Value. If the Closing Value of the Reference Asset on an
Observation Date is less than the Coupon Barrier Value, you will not receive a Contingent Coupon on the related Contingent Coupon Payment
Date. If the Closing Value of the Reference Asset is less than the Coupon Barrier Value on each Observation Date, you will not receive any
Contingent Coupons during the term of the Notes.

·
The Notes Are Subject to Volatility Risk--Volatility is a measure of the degree of variation in the price of an asset (or level of an index)

over a period of time. The amount of any coupon payments that may be payable under the Notes is based on a number of factors, including the
expected volatility of the Reference Asset. The amount of such coupon payments will be paid at a per annum rate that is higher than the fixed
rate that we would pay on a conventional debt security of the same tenor and is higher than it otherwise would have been had the expected
volatility of the Reference Asset been lower. As volatility of the Reference Asset increases, there will typically be a greater likelihood that
(a) the Closing Value of the Reference Asset on one or more Observation Dates will be less than the Coupon Barrier Value and (b) the Final
Value of the Reference Asset will be less than the Barrier Value.

Accordingly, you should understand that a higher coupon payment amount reflects, among other things, an indication of a greater likelihood
that you will (a) not receive coupon payments with respect to one or more Observation Dates and/or (b) incur a loss of principal at maturity
than would have been the case had the amount of such coupon payments been lower. In addition, actual volatility over the term of the Notes
may be significantly higher than the expected volatility at the time the terms of the Notes were determined. If actual volatility is higher than
expected, you will face an even greater risk that you will not receive coupon payments and/or that you will lose some or all of your principal
at maturity for the reasons described above.

·
Early Redemption and Reinvestment Risk--While the original term of the Notes is as indicated on the cover of this pricing supplement, the

Notes may be redeemed prior to maturity, as described above, and the holding period over which you may receive any coupon payments that
may be payable under the Notes could be as short as approximately three months.

The Redemption Price that you receive on a Call Settlement Date, together with any coupon payments that you may have received prior to the
Call Settlement Date, may be less than the aggregate amount of payments that you would have received had the Notes not been redeemed.
There is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes in a comparable investment with a
similar level of risk in the event the Notes are redeemed prior to the Maturity Date. No additional payments will be due after the relevant Call
Settlement Date. The fact that the Notes may be redeemed prior to maturity may also adversely impact your ability to sell your Notes and the
price at which they may be sold.

·
If the Notes Are Not Redeemed Prior to Scheduled Maturity, the Payment at Maturity, If Any, is Based Solely on the Closing Value of

the Reference Asset on the Final Valuation Date--If the Notes are not redeemed prior to scheduled maturity, the Final Values will be based
solely on the Closing Value of the Reference Asset on the Final Valuation Date, and your payment at maturity, if any, will be determined
based solely on the performance of the Reference Asset from the Initial Valuation Date to the Final Valuation Date. Accordingly, if the value
of the Reference Asset drops on the Final Valuation Date, the payment at maturity on the Notes, if any, 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. If the Final Value of the Reference Asset is
less than the Barrier Value, you will lose some or all of the principal amount of your Notes.

·
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, including any repayment of principal, 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.

PS-8
· 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
https://www.sec.gov/Archives/edgar/data/312070/000110465920026114/a20-11168_34424b2.htm[2/27/2020 3:40:39 PM]


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.

·
Contingent Repayment of the Principal Amount Applies Only at Maturity or upon Any Redemption--You should be willing to hold

your Notes to maturity or any redemption. Although the Notes provide for the contingent repayment of the principal amount of your Notes at
maturity, provided that the Final Value of the Reference Asset is greater than or equal to the Barrier Value, or upon any redemption, if you sell
your Notes prior to such time in the secondary market, if any, you may have to sell your Notes at a price that is less than the principal amount
even if at that time the value of the Reference Asset has increased from the Initial Value. See "Many Economic and Market Factors Will
Impact the Value of the Notes" below.

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

The return on the Notes may not reflect the return you would realize if you actually owned a Reference Asset or any securities to which a
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 a Reference Asset or any securities to which a Reference Asset provides exposure may have.

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

Asset Over the Term of the Notes--The value of the Reference Asset has fluctuated in the past and may, in the future, experience significant
fluctuations. The historical performance of the Reference Asset is not an indication of the future performance of the Reference Asset over the
term of the Notes. Therefore, the performance of the Reference Asset over the term of the Notes may bear no relation or resemblance to the
historical performance of the Reference Asset.

·
Single Equity Risk--The value of the Reference Asset can rise or fall sharply due to factors specific to the Reference Asset and its issuer,

such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and
decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic
and political conditions. We urge you to review financial and other information filed periodically with the SEC by the issuer of the Reference
Asset. We have not undertaken any independent review or due diligence of the Reference Asset issuer's SEC filings or of any other publicly
available information regarding such issuer.

·
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 corporate events
(such as stock splits or extraordinary or special dividends) that the Calculation Agent determines have a diluting or concentrative effect on the
theoretical value of the Reference Asset. However, the Calculation Agent might not make such adjustments in response to all events that could
affect the 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--Equity
Securities--Share Adjustments Relating to Securities with an Equity Security as a Reference Asset" in the accompanying prospectus
supplement.

·
Reorganization Or Other Events Could Adversely Affect the Value of the Notes Or Result in the Notes Being Accelerated--Upon the

occurrence of certain reorganization events or a nationalization, expropriation, liquidation, bankruptcy, insolvency or de-listing of the
Reference Asset, the Calculation Agent will make adjustments to the Reference Asset that may result in payments on the Notes being based on
the performance of shares, cash or other assets distributed to holders of the Reference Asset upon the occurrence of such event or, in some
cases, the Calculation Agent may accelerate the maturity date for a payment determined by the Calculation Agent. Any of these actions could
adversely affect the value of the 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 Notes if they were not accelerated. See "Reference Assets--Equity Securities--
Share Adjustments Relating to Securities with an Equity Security as a Reference Asset" in the accompanying prospectus supplement.

PS-9
· 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 (including any structuring or other distribution related 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.

·
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 were based on
the levels at which our benchmark debt securities trade in the secondary market.
https://www.sec.gov/Archives/edgar/data/312070/000110465920026114/a20-11168_34424b2.htm[2/27/2020 3:40:39 PM]



·
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
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 Asset or its components, if any. 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.

PS-10

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 value of the Reference Asset 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 Asset, including
determining whether a market disruption event has occurred or whether certain adjustments to the Reference Asset or other terms of the Notes
are necessary, as further described in the accompanying prospectus supplement s. 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.

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

https://www.sec.gov/Archives/edgar/data/312070/000110465920026114/a20-11168_34424b2.htm[2/27/2020 3:40:39 PM]


Document Outline