Published on 10/17/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.74 million phoenix autocallable notes linked to three stocks
By William Gullotti
Buffalo, N.Y., Oct. 17 – Barclays Bank plc priced $1.74 million of phoenix autocallable notes due Oct. 2, 2025 linked to least performing of stocks of Ford Motor Co., Delta Air Lines, Inc. and Amazon.com, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 18.5% 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 its initial level on any monthly call observation date after three months.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or the cash equivalent at the issuer’s option.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Ford Motor Co., Delta Air Lines, Inc., Amazon.com, Inc.
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Amount: | $1,736,000
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Maturity: | Oct. 2, 2025
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Coupon: | 18.5% 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 barrier level, par plus final coupon; otherwise, investors will receive a number of shares of the worst performer equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
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Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly observation date after three months
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Initial levels: | $12.42 for Ford, $37.00 for Delta, $127.12 for Amazon
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Coupon barriers: | $7.45 for Ford, $22.20 for Delta, $76.27 for Amazon; 60% of initial levels
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Final barriers: | $7.45 for Ford, $22.20 for Delta, $76.27 for Amazon; 60% of initial levels
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Equity ratio: | 80.5153 for Ford, 27.02703 for Delta, 7.86658 for Amazon; shares per note
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Pricing date: | Sept. 29
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Settlement date: | Oct. 4
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Agent: | Barclays
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Fees: | 3.25%
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Cusip: | 06744EAH0
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