Published on 11/21/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.73 million contingent income autocallables linked to indexes
By Angela McDaniels
Tacoma, Wash., Nov. 21 – Barclays Bank plc priced $2.73 million of contingent income autocallable securities due April 3, 2025 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above its downside threshold level, 70% of its initial level, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 10.2%.
Beginning Oct. 2, 2023, the notes will be called at par if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless any index finishes below its downside threshold level, in which case investors will lose 1% for every 1% that the worst performing index’s final level is less than its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $2,725,000
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| Maturity: | April 3, 2025
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| Coupon: | 10.2% per year, payable quarterly if each index closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below downside threshold level, in which case 1% loss for every 1% that worst performing index’s final level is less than initial level
|
| Call: | Beginning Oct. 2, 2023, automatically at par if each index closes at or above initial level on any quarterly determination date
|
| Initial levels: | 12,963.14 for Nasdaq, 1,768.383 for Russell and 4,050.83 for S&P
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| Downside thresholds: | 9,074.198 for Nasdaq, 1,237.868 for Russell and 2,835.581 for S&P, of 70% of initial levels
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| Pricing date: | March 30
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| Settlement date: | April 4
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| Agent: | Barclays
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.25%
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| Cusip: | 06749NZ47
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