Published on 4/5/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.18 million contingent income autocallables on Netflix
By Kiku Steinfeld
Chicago, April 5 – Barclays Bank plc priced $3.18 million of contingent income autocallable securities due July 10, 2026 linked to the common shares of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the shares close at or above the downside threshold level, 50% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter, plus any previously unpaid coupons, at an annualized rate of 10.65%.
The notes will be called at par of $10 plus the contingent coupon if the shares close at or above the initial share price on any quarterly determination date.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
Barclays is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Netflix, Inc.
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| Amount: | $3,181,000
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| Maturity: | July 10, 2026
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| Coupon: | 10.65% per year, payable quarterly if shares close at or above downside threshold level on determination date for that quarter, plus any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final share price is less than initial share price
|
| Call: | At par plus contingent coupon if shares close at or above initial share price on any quarterly determination date
|
| Initial share price: | $438.10
|
| Downside threshold: | $219.050, 50% of initial share price
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| Pricing date: | July 7, 2023
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| Settlement date: | July 12, 2023
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.25%
|
| Cusip: | 06745MNC8
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