Published on 2/6/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.9 million contingent income autocallable securities on three indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 6 – Barclays Bank plc priced $5.9 million of contingent income autocallable securities due Feb. 4, 2027 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 8.159% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes will be automatically called at par plus any coupon otherwise due if each index closes at or above its initial level on any quarterly observation date after one year.
If each index finishes at or above its coupon barrier, the payout at maturity will be par plus any coupon otherwise due.
Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is acting as a selected dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $5,904,000
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| Maturity: | Feb. 4, 2027
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| Coupon: | 8.15% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above coupon barrier level, par plus any coupon otherwise due; otherwise, 1% loss for every 1% that least performing index declines from initial level
|
| Call: | Automatically at par plus any coupon otherwise due if each index closes at or above initial level on any quarterly observation date after one year
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| Initial index levels: | 4,924.97 for S&P, 17,476.71 for Nasdaq, 1,996.236 for Russell
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| Coupon barrier levels: | 3,447.479 for S&P, 12,233.697 for Nasdaq, 1,397.365 for Russell; 70% of initial levels
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| Downside threshold levels: | 3,447.479 for S&P, 12,233.697 for Nasdaq, 1,397.365 for Russell; 70% of initial levels
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| Pricing date: | Jan. 30
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| Settlement date: | Feb. 2
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 1.75%
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| Cusip: | 06745PPP0
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