Published on 1/17/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.6 million phoenix autocallable notes tied to three stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 17 – Barclays Bank plc priced $1.6 million of phoenix autocallable notes due Jan. 7, 2027 linked to the least performing of the stocks of Advanced Micro Devices, Inc., Target Corp. and Intel Corp., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 16.15% 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 90% of its initial level on any monthly call observation date.
If the notes are not called and each stock finishes at or above its 60% final barrier, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level, payable in cash or shares of that stock.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Advanced Micro Devices, Inc., Target Corp. and Intel Corp.
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Amount: | $1.6 million
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Maturity: | Jan. 7, 2027
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Coupon: | 16.15% 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 each stock finishes at or above final barrier, par plus final coupon; otherwise, full exposure to decline of the worst performer from initial level, payable in cash or shares of that stock
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Call: | Automatically at par plus coupon if each stock closes at or above 90% of initial level on any monthly observation date
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Initial levels: | $135.32 for Advanced Micro, $138.67 for Target, $47.05 for Intel
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Coupon barriers: | $81.19 for Advanced Micro, $83.20 for Target, $28.23 for Intel; 60% of initial levels
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Final barriers: | $81.19 for Advanced Micro, $83.20 for Target, $28.23 for Intel; 60% of initial levels
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Pricing date: | Jan. 5
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Settlement date: | Jan. 10
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Agent: | Barclays
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Fees: | 3.5%
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Cusip: | 06744ECP0
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