Published on 3/12/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.29 million autocallable contingent coupon notes on three indexes
By William Gullotti
Buffalo, N.Y., March 12 – Barclays Bank plc priced $3.29 million of autocallable contingent coupon notes due Feb. 26, 2027 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.4% if each index closes at or above its coupon barrier level, 75% of its initial level, on the review date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date after six months.
If the notes have not been called, the payout at maturity will be par unless any index closes below its 70% trigger value during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Autocallable contingent coupon notes
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Underlying indexes: | Russell 2000 index, Nasdaq-100 index, S&P 500 index
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Amount: | $3,291,000
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Maturity: | Feb. 26, 2027
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Coupon: | 8.4% annual rate, payable quarterly if each index closes at or above coupon barrier level on review date for that period; coupon payment events will automatically include any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par unless any index closes below its trigger value during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
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Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly review date after six months
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Initial levels: | 5,088.8 for S&P, 17,937.61 for Nasdaq, 2,016.688 for Russell
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Coupon barrier: | 3,816.6 for S&P, 13,453.21 for Nasdaq, 1,512.52 for Russell; 75% of initial levels
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Trigger levels: | 3,562.16 for S&P, 12,556.33 for Nasdaq, 1,411.68 for Russell; 70% of initial levels
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Agent: | Barclays
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Fees: | 1.75%
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Cusip: | 06745PXG1
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