Published on 2/13/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7 million autocallable contingent coupon notes on two indexes, ETF
By William Gullotti
Buffalo, N.Y., Feb. 13 – Barclays Bank plc priced $7 million of autocallable contingent coupon notes due Feb. 13, 2029 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 7% if each underlier closes at or above its coupon barrier level, 80% 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 underlier closes at or above its initial level on any monthly review date after one year.
If the notes have not been called and each underlier finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive par.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
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| Underlying assets: | Russell 2000 index, S&P 500 index, Utilities Select Sector SPDR Fund
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| Amount: | $7,001,000
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| Maturity: | Feb. 13, 2029
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| Coupon: | 7% annual rate, payable monthly if each underlier closes at or above coupon barrier level on review date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus any final coupon otherwise due
|
| Call: | Automatically at par plus contingent coupon if each underlier closes at or above initial level on any monthly review date after one year
|
| Initial levels: | $60.04 for ETF, 4,997.91 for S&P, 1,979.699 for Russell
|
| Coupon barriers: | $48.03 for ETF, 3,998.33 for S&P, 1,583.76 for Russell; 80% of initial levels
|
| Pricing date: | Feb. 8
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| Settlement date: | Feb. 13
|
| Agent: | Barclays
|
| Fees: | 0.65%
|
| Cusip: | 06745PR29
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