Published on 4/2/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10 million phoenix autocallable notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, April 2 – Barclays Bank plc priced $10 million of phoenix autocallable notes due March 3, 2025 linked to the least performing of the VanEck Gold Miners ETF, the Utilities Select Sector SPDR fund and the Technology 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 7.1% if each fund closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each fund closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par plus the final coupon if each fund finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above 60% of its initial value, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing fund from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying funds: | VanEck Gold Miners ETF, Technology Select Sector SPDR fund, Utilities Select Sector SPDR fund
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| Amount: | $10 million
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| Maturity: | March 3, 2025
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| Coupon: | 7.1% annualized, payable monthly if each fund closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each fund finishes at or above its coupon barrier; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, 1% loss for each 1% decline of the worst performing fund from its initial level
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| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial level on any monthly call observation date after six months
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| Initial levels: | $29.85 for Gold Miners, $63.43 for Utilities, $207.66 for Technology
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| Coupon barriers: | $20.90 for Gold Miners, $44.40 for Utilities, $145.36 for Technology; 70% of initial levels
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| Final barriers: | $17.91 for Gold Miners, $38.06 for Utilities, $124.60 for Technology; 60% of initial levels
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| Pricing date: | March 26
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| Settlement date: | March 28
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| Agent: | Barclays
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| Fees: | 1.5%
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| Cusip: | 06745QDX4
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