Published on 9/12/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.36 million buffered autocallable notes tied to three stocks
Chicago, Sept. 12 – Barclays Bank plc priced $1.36 million of 0% buffered autocallable notes due Sept. 11, 2026 linked to the least performing of the common stocks of Devon Energy Corp., Coterra Energy Inc. and Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 14.9% annual rate call premium if each stock closes at or above its call barrier on any annual call valuation date. The annual call barriers are 90% in 2024, 80% in 2025 and 60% in 2026.
If the notes have not been called because the worst performing stock closes below its 60% buffer value, investors will be exposed to the losses of the worst performing stock beyond the 40% buffer.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Buffered autocallable notes
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Underlying stocks: | Devon Energy Corp., Coterra Energy Inc. and Target Corp.
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Amount: | $1,355,000
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Maturity: | Sept. 11, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 44.7% if each stock closes above 60% call barrier; otherwise, 1% loss for each 1% decline beyond 40% buffer
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Call: | Automatically at par plus 14.9% annual rate call premium if all three stocks close above call barriers on annual call valuation dates; annual call barriers are 90% in 2024, 80% in 2025 and 60% in 2026
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Initial levels: | $53.49 for Devon, $28.07 for Coterra, $123.71 for Target
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Buffer levels: | $32.09 for Devon, $16.84 for Coterra, $74.23 for Target; 60% of initial levels
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Pricing date: | Sept. 6
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Settlement date: | Sept. 11
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Agent: | Barclays
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Fees: | 0.75%
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Cusip: | 06745NDT0
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