Published on 4/12/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 phoenix autocallable notes on three bank stocks
Chicago, April 12 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due Jan. 22, 2027 linked to the least performing of the stocks of Goldman Sachs Group, Inc., Wells Fargo & Co. and Morgan Stanley, according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 16.9% if each stock closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if each stock closes at or above its initial level on any monthly call observation date after three months.
If the notes are not called and the worst performer finishes at or above its 70% barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level, payable in shares or cash at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Goldman Sachs Group, Inc., Wells Fargo & Co. and Morgan Stanley
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| Amount: | $500,000
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| Maturity: | Jan. 22, 2027
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| Coupon: | 16.9% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | If worst performer finishes at or above final barrier, par; otherwise, 1% loss for every 1% decline of the worst performer from initial level, payable in shares or cash at issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly observation date after three months
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| Initial levels: | $377.18 for Goldman, $46.67 for Wells, $84.41 for Morgan Stanley
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| Coupon barriers: | $264.03 for Goldman, $32.67 for Wells, $59.09 for Morgan Stanley; 70% of initial levels
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| Final barriers: | $264.03 for Goldman, $32.67 for Wells, $59.09 for Morgan Stanley; 70% of initial levels
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| Physical delivery amounts: | 2.65125 for Goldman, 21.42704 for Wells, 11.84693 for Morgan Stanley
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| Pricing date: | Jan. 18
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| Settlement date: | Jan. 23
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| Agent: | Barclays
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| Fees: | 0.65%
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| Cusip: | 06744EDG9
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