Published on 4/24/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.24 million phoenix autocallable notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, April 24 – Barclays Bank plc priced $3.24 million of phoenix autocallable notes due Jan. 23, 2029 linked to the least performing of the Energy Select Sector SPDR Fund, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12% if each underlier closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each underlier closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par plus the final coupon, if any, if each underlier finishes at or above its 65% final barrier.
Otherwise, investors will lose 1% for each 1% 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 assets: | Energy Select Sector SPDR Fund, Russell 2000 index, Nasdaq-100 index
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Amount: | $3,238,000
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Maturity: | Jan. 23, 2029
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Coupon: | 12% annualized, payable monthly if each underlier closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon, if any, if each underlier finishes at or above its final barrier; otherwise, 1% loss for each 1% decline of the worst performer from initial level
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Call: | Automatically at par plus contingent coupon if each underlier closes at or above initial level on any monthly call observation date after six months
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Initial levels: | 1,942.958 for Russell, 17,394.31 for Nasdaq, $93.84for ETF
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Coupon barriers: | 1,360.07 for Russell, 12,176.02 for Nasdaq, $65.69 for ETF; 70% of initial levels
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Final barriers: | 1,262.92 for Russell, 11,306.3 for Nasdaq, $61.00 for ETF; 65% of initial levels
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Pricing date: | April 18
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Settlement date: | April 23
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Agent: | Barclays
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Fees: | 1%
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Cusip: | 06745QKZ1
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