Published on 4/12/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.83 million phoenix autocallable notes tied to Shopify, PayPal, Uber
By William Gullotti
Buffalo, N.Y., April 12 – Barclays Bank plc priced $1.83 million of phoenix autocallable notes due April 2, 2026 linked to the least performing of the stocks of Shopify Inc., PayPal Holdings, Inc. and Uber Technologies, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 22% if each stock closes at or above its 60% 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 each stock finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its 50% barrier level, the payout will be par. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial level or, at the issuer’s option, the cash equivalent.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Shopify Inc., PayPal Holdings, Inc., Uber Technologies, Inc.
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Amount: | $1,831,000
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Maturity: | April 2, 2026
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Coupon: | 22% 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 each stock finishes at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above final barrier, par; 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: | 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: | $77.17 for Shopify, $66.99 for PayPal, $76.99 for Uber
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Coupon barriers: | $46.30 for Shopify, $40.19 for PayPal, $46.19 for Uber; 60% of initial levels
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Final barriers: | $38.59 for Shopify, $33.50 for PayPal, $38.50 for Uber; 50% of initial levels
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Equity ratios: | 12.9584 for Shopify, 14.9276 for PayPal, 12.9887 for Uber; share delivery per note
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Pricing date: | March 28
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Settlement date: | April 3
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Agent: | Barclays
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Fees: | 3.25%
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Cusip: | 06744EES2
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