Published on 4/15/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $926,000 autocallable contingent coupon notes on three stocks
Chicago, April 15 – Barclays Bank plc priced $926,000 of market-linked securities – autocallable with contingent coupon with memory features and contingent downside due Jan. 22, 2027 linked to the least performing of the of the stocks of Deere & Co., Emerson Electric Co. and NextEra Energy, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.75% if each stock closes above its coupon barrier price, 65% of its initial price, on the related determination date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial share price on any quarterly call observation date starting after six months.
If the notes are not called and the final share price of each stock is greater than or equal to the 60% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the share price of the least performing stock from its initial level.
Barclays and Wells Fargo Securities, LLC are the agents.
Issuer: | Barclays Bank plc
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Issue: | Market-linked securities – autocallable with contingent coupon with memory features and contingent downside
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Underlying stocks: | Deere & Co., Emerson Electric Co. and NextEra Energy, Inc.
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Amount: | $926,000
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Maturity: | Jan. 22, 2027
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Coupon: | 12.75% annual rate; payable quarterly if closing price of each stock is greater than or equal to coupon barrier on related observation date; coupon payment events will automatically include any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par if each stock finishes at or above 60% of its initial share price; otherwise, full exposure to decline of least performing stock from initial share price
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Call: | At par plus coupon if closing share price of least performing stock is greater than or equal to its initial share price on any quarterly observation date starting after six months
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Initial share prices: | $381.39 for Deere, $93.68 for Emerson, $57.65 for NextEra
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Coupon barrier prices: | $247.9035 for Deere, $60.892 for Emerson, $37.4725 for NextEra; 65% of initial levels
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Final barrier prices: | $228.834 for Deere, $34.59 for Emerson, $34.59 for NextEra; 60% of initial levels
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Pricing date: | Jan. 18
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Settlement date: | Jan. 23
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Agents: | Barclays and Wells Fargo Securities, LLC
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Fees: | 2.325%
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Cusip: | 06745PKH3
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