Published on 8/29/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.85 million 11% fixed-coupon autocalls on four banking stocks
By William Gullotti
Buffalo, N.Y., Aug. 29 – Barclays Bank plc priced $2.85 million of 11% autocallable fixed-coupon notes due Aug. 28, 2025 linked to the stock performance of Wells Fargo & Co., U.S. Bancorp, PNC Financial Services Group, Inc. and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be automatically called at par plus the fixed coupon if each stock closes at or above its initial level on any monthly call valuation date after six months.
If the notes have not been called and each stock finishes at or above its 50% barrier, the payout at maturity will be par plus the final fixed coupon.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by its initial level or, at the option of the issuer, the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable fixed-coupon notes
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| Underlying stocks: | Wells Fargo & Co., U.S. Bancorp, PNC Financial Services Group, Inc., Bank of America Corp.
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| Amount: | $2.85 million
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| Maturity: | Aug. 28, 2025
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| Coupon: | 11% annualized, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above barrier level, par plus final coupon; otherwise, receive a number of shares of the worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
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| Call: | At par plus coupon if each stock closes at or above initial level on any monthly call valuation date after six months
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| Initial levels: | $41.61 for Wells Fargo, $36.25 for U.S. Bank, $119.41 for PNC, $28.45 for BofA
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| Barrier levels: | $20.81 for Wells Fargo, $18.13 for U.S. Bank, $59.71 for PNC, $14.23 for BofA; 50% of initial levels
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| Equity ratio: | 24.03268 for Wells Fargo, 27.58621 for U.S. Bank, 8.37451 for PNC, 35.14938 for BofA; shares delivered per note
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| Pricing date: | Aug. 23
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| Settlement date: | Aug. 28
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06741W7B0
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