Published on 2/29/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.85 million phoenix autocallable notes on index, fund
Chicago, Feb. 29 – Barclays Bank plc priced $3.85 million of phoenix autocallable notes due Feb. 5, 2027 linked to the least performing of the S&P 500 index and the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.6% if each underlier closes at or above its 65% 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 one year.
The payout at maturity will be par plus any final coupon if each underlier finishes at or above its 70% final barrier value. 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
|
| Issue: | Phoenix autocallable notes
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| Underlying assets: | S&P 500 index and the Financial Select Sector SPDR Fund
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| Amount: | $3,850,000
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| Maturity: | Feb. 5, 2027
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| Coupon: | 8.6% annualized, payable monthly if each underlier closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any final coupon if each underlier finishes at or above its final barrier; otherwise, 1% loss for each 1% decline of the worst performer from initial level
|
| Call: | Automatically at par plus contingent coupon if each underlier closes at or above initial level on any monthly call observation date after one year
|
| Initial levels: | 4,958.61 for index, $38.98 for fund
|
| Coupon barriers: | 3,223.10 for index, $25.34 for fund; 65% of initial levels
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| Final barriers: | 3,471.03 for index, $27.29 for fund; 70% of initial levels
|
| Pricing date: | Feb. 2
|
| Settlement date: | Feb. 7
|
| Agent: | Barclays
|
| Fees: | 0.4%
|
| Cusip: | 06745PL74
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