Published on 4/2/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $591,000 autocallable notes on Nasdaq, Russell, Dow
By Kiku Steinfeld
Chicago, April 2 – Barclays Bank plc priced $591,000 of autocallable notes on July 9, 2026, linked to the worst performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus 10% per year interest on any semiannual valuation date if each index closes at or above its initial level.
If each index finishes at or above 100% of its initial level, the payout at maturity will be par plus a final interest payment. If any index finishes below above its initial level but at or above its final barrier level, 70% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing index.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable notes
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $591,000
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| Maturity: | July 9, 2026
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| Contingent coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above initial level, par plus final interest payment; if any index falls but each index closes at or above final barrier level, par; otherwise, full exposure to losses of least-performing index
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| Call: | At par plus 10% per year on any semiannual valuation date if each index closes at or above its initial level
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| Initial level: | 15,089.45 for Nasdaq, 1,842.233 for Russell and 33,922.26 for Dow
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| Final barriers: | 10,562.62 for Nasdaq, 1,289.56 for Russell and 23,745.58 for Dow; 70% of initial levels
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| Pricing date: | July 6, 2023
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| Settlement date: | July 11, 2023
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| Underwriter: | Barclays
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| Fees: | 2.75%
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| Cusip: | 06745MMM7
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