Published on 3/25/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.38 million phoenix autocallable notes on Nasdaq, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, March 25 – Barclays Bank plc priced $2.38 million of phoenix autocallable notes due Dec. 26, 2028 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 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 7.25% if each index closes at or above its 75% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date after one year.
The payout at maturity will be par plus the final coupon, if any, if each index finishes at or above its 60% final barrier.
Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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| Amount: | $2,384,000
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| Maturity: | Dec. 26, 2028
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| Coupon: | 7.25% annualized rate, payable quarterly if each index closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus any final coupon if each index finishes at or above its final barrier; otherwise, 1% loss for each 1% decline of the worst performing index from its initial level
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after one year
|
| Initial levels: | 39,512.13 for Dow, 2,074.88 for Russell, 18,240.11 for Nasdaq
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| Coupon barriers: | 29,634.1 for Dow, 1,556.16 for Russell, 13,680.08 for Nasdaq; 75% of initial levels
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| Final barriers: | 23,707.28 for Dow, 1,244.93 for Russell, 10,944.07 for Nasdaq; 60% of initial levels
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| Pricing date: | March 20
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| Settlement date: | March 25
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| Agent: | Barclays
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| Fees: | 3.75%
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| Cusip: | 06745QAW9
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