Published on 4/30/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.58 million autocallable contingent coupon notes linked to indexes
By Angela McDaniels
Tacoma, Wash., April 30 – Barclays Bank plc priced $1.58 million of autocallable contingent coupon notes due Oct. 22, 2024 linked to the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 7% if each index closes at or above its coupon barrier level, 75% of its initial level, on the valuation date for that period.
The notes will be automatically called at par if each index closes at or above its call level, 96% of its initial level, on any quarterly observation date.
The payout at maturity will be par unless any index closes below its barrier level, 70% of its initial level, during the life of the notes and the least performing index finishes below its initial level, in which case 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, the Russell 2000 index and the Nasdaq-100 index
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Amount: | $1,577,000
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Maturity: | Oct. 22, 2024
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Coupon: | 7% per year, payable quarterly if each index closes at or above its coupon barrier level on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless any index closes below its barrier level during the life of the notes and the least performing index finishes below its initial level, in which case full exposure to the least performing index’s decline from its initial level
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Call: | Automatically at par if each index closes at or above its call level on any quarterly observation date
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Initial levels: | 4,522.79 for S&P, 1,951.269 for Russell and 15,713.28 for Nasdaq
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Call levels: | 4,341.88 for S&P, 1,873.22 for Russell and 15,084.75 for Nasdaq, or 96% of initial levels
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Coupon barrier levels: | 3,392.09 for S&P, 1,463.45 for Russell and 11,784.96 for Nasdaq, or 75% of initial levels
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Barrier levels: | 3,165.95 for S&P, 1,365.89 for Russell and 10,999.30 for Nasdaq, or 70% of initial levels
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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: | 2.375%
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Cusip: | 06745MSC3
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