Published on 4/9/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.11 million autocallable fixed-coupon notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, April 9 – Barclays Bank plc priced $6.11 million of 11.1% autocallable fixed-coupon notes due April 9, 2026 linked to the least performing of the securities of Salesforce Inc., Qualcomm, Inc., Broadcom Inc. and Meta Platforms, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be automatically called at par if each stock closes at or above its initial level on monthly call date after six months.
If the notes are not called and each stock finishes at or above 50% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer, payable in shares.
Barclay is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable fixed-coupon notes
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| Underlying stocks: | Salesforce Inc., Qualcomm, Inc., Broadcom Inc. and Meta Platforms, Inc.
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| Amount: | $6.1 million
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| Maturity: | April 9, 2026
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| Coupon: | 11.1% annual rate, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier level, in which case 1% loss for each 1% decline of the worst performer from initial level, payable in shares
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| Call: | At par if each stock closes at or above initial level on any monthly call date after six months
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| Initial levels: | $169.76 for Qualcomm, $294.14 for Salesforce, $1,317.50 for Broadcom, $510.92 for Meta
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| Barrier levels: | $84.88 for Qualcomm, $147.07 for Salesforce, $658.75 for Broadcom, $255.46 for Meta; 50% of initial levels
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| Physical delivery amounts: | 5.89067 for Qualcomm, 3.39974 for Salesforce, 0.75901 for Broadcom, 1.95725 for Meta
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| Pricing date: | April 4
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| Settlement date: | April 9
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06744EFG7
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