Published on 4/17/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.73 million phoenix autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, April 17 – Barclays Bank plc priced $6.73 million of phoenix autocallable notes due April 14, 2027 linked to the least performing of the stocks of Amazon.com, Inc., Apple Inc. and Morgan Stanley, according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.1% if each stock closes at or above its 55% 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 quarterly call observation date.
If the notes are not called and the worst performer finishes at or above its 55% barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level, payable in shares or cash 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: | Amazon.com, Inc., Apple Inc. and Morgan Stanley
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| Amount: | $6,731,000
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| Maturity: | April 14, 2027
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| Coupon: | 12.1% annualized, payable quarterly 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 worst performer finishes at or above final barrier, par; otherwise, 1% loss for every 1% decline of the worst performer from initial level, payable in shares or cash at issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly observation date
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| Initial levels: | $185.67 for Amazon, $169.67 for Apple, $94.08 for Morgan Stanley
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| Coupon barriers: | $102.12 for Amazon, $93.32 for Apple, $51.74 for Morgan Stanley; 55% of initial levels
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| Final barriers: | $102.12 for Amazon, $93.32 for Apple, $51.74 for Morgan Stanley; 55% of initial levels
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| Pricing date: | April 9
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| Settlement date: | April 12
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| Agent: | Barclays
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| Fees: | 2%
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| Cusip: | 06745QJK6
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