Published on 4/25/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $650,000 contingent coupon autocallables linked to S&P, Nasdaq, Dow
By Angela McDaniels
Tacoma, Wash., April 25 – Barclays Bank plc priced $650,000 of autocallable contingent coupon notes due July 22, 2026 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 8.3% if each index closes at or above its coupon barrier level, 75% of its initial level, on the valuation date for that period. Any previously unpaid coupons will also be paid.
Beginning Jan. 16, 2024, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly observation date.
If each index finishes at or above its 60% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the least performing index’s decline from 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: | S&P 500 index, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $650,000
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| Maturity: | July 22, 2026
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| Coupon: | 8.3% per year, payable quarterly if each index closes at or above coupon barrier level on valuation date for that period; any previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above its 60% final barrier; otherwise, full exposure to least performing index’s decline from initial level
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| Call: | Beginning Jan. 16, 2024, automatically at par if each index closes at or above initial level on any quarterly observation date
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| Initial levels: | 4,510.04 for S&P, 15,571.98 for Nasdaq and 34,395.14 for Dow
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| Coupon barrier levels: | 3,382.53 for S&P, 11,678.99 for Nasdaq and 25,796.36 for Dow, or 75% of initial levels
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| Barrier levels: | 2,706.02 for S&P, 9,343.19 for Nasdaq and 20,637.08 for Dow, or 60% of initial level
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| Pricing date: | July 17, 2023
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| Settlement date: | July 20, 2023
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| Agent: | Barclays
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| Fees: | 0.45%
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| Cusip: | 06745MTG3
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