Published on 11/30/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.65 million autocallable variable coupon notes linked to three stocks
By William Gullotti
Buffalo, N.Y., Nov. 30 – Barclays Bank plc priced $2.65 million of autocallable variable coupon notes due Nov. 30, 2028 linked to the stock performance of KeyCorp, PayPal Holdings, Inc. and Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annual rate of 9% if each stock closes above its coupon barrier price, 70% of its initial price, on a related determination date. Otherwise, the monthly coupon will be paid at a rate of 0.25% per annum.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial level on any monthly valuation date after one year.
If the notes are not called, the payout at maturity will be par plus the relevant coupon.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable variable coupon notes
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| Underlying stocks: | KeyCorp, PayPal Holdings, Inc., Charles Schwab Corp.
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| Amount: | $2.65 million
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| Maturity: | Nov. 30, 2028
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| Coupon: | 9% annual rate if closing price of each stock is greater than or equal to coupon barrier on related observation date, otherwise, 0.25% annual rate; payable monthly
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| Price: | Par
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| Payout at maturity: | If notes are not called, par plus relevant coupon
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| Call: | At par plus coupon if closing level of least performing stock is greater than or equal to its initial level on any monthly valuation date after one year
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| Initial prices: | $11.76 for KeyCorp, $56.39 for PayPal, $56.00 for Schwab
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| Barrier prices: | $8.23 for KeyCorp, $39.47 for PayPal, $39.20 for Schwab; 70% of initial prices
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| Pricing date: | Nov. 27
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| Settlement date: | Nov. 30
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| Agent: | Barclays
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| Fees: | 3.75%
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| Cusip: | 06745NYB6
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