Published on 12/8/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.31 million contingent market-linked autocalls on four aerospace stocks
By William Gullotti
Buffalo, N.Y., Dec. 8 – Barclays Bank plc priced $1.31 million of market-linked securities due Nov. 30, 2026 – autocallable with contingent coupon and contingent downside linked to the stock performance of General Dynamics Corp., Lockheed Martin Corp., Northrop Grumman Corp. and RTX Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.1% if each stock closes at or above its 60% threshold level on the relevant observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any quarterly observation date after six months.
At maturity, the payout will be par plus the final coupon unless any stock finishes below its threshold level, in which case the payout will be par plus the return of the worst performing stock with full exposure to any losses.
Wells Fargo Securities, LLC and Barclays Capital Inc. are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying stocks: | General Dynamics Corp., Lockheed Martin Corp., Northrop Grumman Corp., RTX Corp.
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| Amount: | $1.31 million
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| Maturity: | Nov. 30, 2026
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| Coupon: | 9.1% annualized, payable quarterly if each stock closes at or above threshold level on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below threshold level, in which case 1% loss per 1% decline of the worst performing stock from its initial level
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| Call: | At par plus coupon if each stock closes at or above its initial level on any interest payment date after six months
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| Initial levels: | $246.97 for General Dynamics, $447.77 for Lockheed Martin, $475.16 for Northrop Grumman, $81.48 for RTX
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| Threshold levels: | $148.182 for General Dynamics, $268.662 for Lockheed Martin, $285.096 for Northrop Grumman, $48.888 for RTX; 60% of initial levels
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 5
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| Agents: | Wells Fargo Securities, LLC and Barclays Capital Inc.
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| Fees: | 2.325%
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| Cusip: | 06745P2X8
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