Published on 4/21/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $645,000 phoenix autocallable notes on three stocks
Chicago, April 22 – Barclays Bank plc priced $645,000 of phoenix autocallable notes due Jan. 28, 2027 linked to the least performing of the stocks of Atlassian Corp. plc, Uber Technologies, Inc. and the American Depositary Shares of PDD Holdings Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 24.5% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if each stock closes at or above its initial level on any monthly call observation date starting after six months.
If the notes are not called and the worst performer finishes at or above its 50% barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Atlassian Corp. plc, Uber Technologies, Inc. and PDD Holdings Inc.
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| Amount: | $645,000
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| Maturity: | Jan. 28, 2027
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| Coupon: | 24.5% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | If worst performer finishes at or above final barrier, par; otherwise, 1% loss for every 1% decline of the worst performer from initial level, payable in shares or cash at issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly observation date starting after six months
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| Initial levels: | $248.45 for Atlassian, $64.32 for Uber, $140.90 for PDD
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| Coupon barriers: | $149.07 for Atlassian, $38.59 for Uber, $84.54 for PDD; 60% of initial levels
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| Final barriers: | $124.23 for Atlassian, $32.16 for Uber, $70.45 for PDD; 50% of initial levels
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| Pricing date: | Jan. 23
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| Settlement date: | Jan. 26
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| Agent: | Barclays
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| Fees: | 3.3%
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| Cusip: | 06745PLN9
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