Published on 3/21/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.56 million phoenix autocallable notes on Lockheed, PNC
Chicago, March 21 – Barclays Bank plc priced $2.56 million of phoenix autocallable notes due March 4, 2027 linked to the least performing of Lockheed Martin Corp. and PNC Financial Services Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11.15% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any monthly call observation date starting after six months.
The payout at maturity will be par unless any stock finishes below 60% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Lockheed Martin Corp. (Ticker: LMT) and PNC Financial Services Group, Inc. (Ticker: PNC)
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Amount: | $2,562,000
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Maturity: | March 4, 2027
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Coupon: | 11.15% annualized, payable monthly 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: | Par unless any stock finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing stock
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Call: | Automatically at par plus contingent coupon if each stock closes at or above its initial level on any monthly call observation date starting after six months
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Initial levels: | $426.46 for Lockheed, $147.81 for PNC
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Coupon barriers: | $255.88 for Lockheed, $88.69 for PNC; 60% of initial levels
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Final barriers: | $255.88 for Lockheed, $88.69 for PNC; 60% of initial levels
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Pricing date: | March 1
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Settlement date: | March 6
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Agent: | Barclays
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Fees: | 2.75%
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Cusip: | 06745PYS4
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