Published on 9/5/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $8.19 million contingent market-linked autocalls on three indexes
By William Gullotti
Buffalo, N.Y., Sept. 5 – Barclays Bank plc priced $8.19 million of market-linked securities due Aug. 27, 2026 – autocallable with contingent coupon and contingent downside linked to the least performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.85% if each index closes at or above its 75% coupon threshold on the observation date for that period.
The notes will be called at par plus coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its coupon threshold.
If the worst performer finishes below its coupon threshold but at or above its 70% downside threshold, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Wells Fargo Securities, LLC and Barclays Capital Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
|
| Amount: | $8.19 million
|
| Maturity: | Aug. 27, 2026
|
| Coupon: | 9.85% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon threshold; if worst performer finishes below coupon threshold but at or above downside threshold, par; otherwise, 1% loss per 1% decline of the worst performing index from its initial level
|
| Call: | At par plus coupon if each index closes at or above its initial level on any interest payment date after six months
|
| Initial levels: | 1,895.538 for Russell, 4,497.63 for S&P, 15,376.55 for Nasdaq
|
| Coupon thresholds: | 1,421.6535 for Russell, 3,373.2225 for S&P, 11,532.4125 for Nasdaq; 75% of initial levels
|
| Downside thresholds: | 1,326.8766 for Russell, 3,148.341 for S&P, 10,763.585 for Nasdaq; 70% of initial levels
|
| Pricing date: | Aug. 29
|
| Settlement date: | Sept. 1
|
| Agents: | Wells Fargo Securities, LLC and Barclays Capital Inc.
|
| Fees: | 2.325%
|
| Cusip: | 06745NCW4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
