Published on 3/25/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.66 million autocallable contingent coupon notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, March 25 – Barclays Bank plc priced $3.66 million of autocallable contingent coupon notes due March 25, 2025 linked to the least performing of the the Russell 2000 index and the S&P 500 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 7.5% if each index closes at or above its coupon barrier level, 60% of its initial level, on the review date for that period.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date.
If the notes have not been called and each index finishes at or above its initial level or has never closed below its 60% barrier on any trading day during the life of the notes, the payout at maturity will be par. Otherwise, investors will have full exposure to the loss of the least performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $3,656,000
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| Maturity: | March 25, 2025
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| Coupon: | 7.5% annual rate, payable quarterly if each index closes at or above coupon barrier level on review date for that period
|
| Price: | Par
|
| Payout at maturity: | Par if each index finishes at or above its initial level or has never closed below 60% barrier level during life of notes; otherwise, full exposure to loss
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly review date
|
| Initial levels: | 5,224.62 for S&P, 2,074.88 for Russell
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| Coupon barrier: | 3,134.77 for S&P, 1,244.93 for Russell; 60% of initial levels
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| Pricing date: | March 20
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| Settlement date: | March 25
|
| Agent: | Barclays
|
| Fees: | 0.725%
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| Cusip: | 06745QC31
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