Published on 4/12/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.11 million phoenix autocallable notes on Nvidia, Occidental Petroleum
By William Gullotti
Buffalo, N.Y., April 12 – Barclays Bank plc priced $1.11 million of phoenix autocallable notes due March 30, 2026 linked to least performing of stocks of Nvidia Corp. and Occidental Petroleum Corp., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 17.75% if each stock closes at or above its 60% coupon barrier on a related observation date.
After three months, 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.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or the cash equivalent 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: | Nvidia Corp., Occidental Petroleum Corp.
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| Amount: | $1,108,000
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| Maturity: | March 30, 2026
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| Coupon: | 17.75% 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 barrier level, par plus final coupon; otherwise, investors will receive a number of shares of the worst performer equal to that stock’s equity ratio or the cash equivalent at the 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: | $950.02 for Nvidia, $64.55 for Occidental
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| Coupon barriers: | $570.01 for Nvidia, $38.73 for Occidental; 60% of initial levels
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| Final barriers: | $570.01 for Nvidia, $38.73 for Occidental; 60% of initial levels
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| Equity ratio: | 1.05261 for Nvidia, 15.49187 for Occidental; shares per note
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| Pricing date: | March 25
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| Settlement date: | March 28
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06744EEZ6
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