Published on 3/14/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 9.5% fixed-coupon autocalls on four banking stocks
By William Gullotti
Buffalo, N.Y., March 14 – Barclays Bank plc priced $3 million of 9.5% autocallable fixed-coupon notes due March 2, 2026 linked to the stock performance of Wells Fargo & Co., U.S. Bancorp, PNC Financial Services Group, Inc. and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be automatically called at par plus the fixed coupon if each stock closes at or above its initial level on any monthly call valuation date after six months.
If the notes have not been called and each stock finishes at or above its 50% barrier, the payout at maturity will be par plus the final fixed coupon.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by its initial level or, at the option of the issuer, the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable fixed-coupon notes
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| Underlying stocks: | Wells Fargo & Co., U.S. Bancorp, PNC Financial Services Group, Inc., Bank of America Corp.
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| Amount: | $3 million
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| Maturity: | March 2, 2026
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| Coupon: | 9.5% annualized, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above barrier level, par plus final coupon; otherwise, receive a number of shares of the worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
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| Call: | At par plus coupon if each stock closes at or above initial level on any monthly call valuation date after six months
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| Initial levels: | $54.13 for Wells Fargo, $40.84 for U.S. Bank, $144.85 for PNC, $33.61 for BofA
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| Barrier levels: | $27.07 for Wells Fargo, $20.42 for U.S. Bank, $72.43 for PNC, $16.81 for BofA; 50% of initial levels
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| Equity ratio: | 18.47404 for Wells Fargo, 24.4858 for U.S. Bank, 6.90369 for PNC, 29.75305 for BofA; shares delivered per note
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| Pricing date: | Feb. 26
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| Settlement date: | Feb. 29
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06744EDU8
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