Published on 1/22/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.8 million autocallable contingent coupon notes on ETFs
Chicago, Jan. 22 – Barclays Bank plc priced $1.8 million of autocallable contingent coupon notes due Jan. 15, 2026 linked to the least performing of the SPDR S&P 500 ETF Trust, the iShares Russell 2000 ETF and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of at an 8% annualized rate if each ETF closes at or above its 60% coupon barrier value on the related observation date. Previously unpaid coupons will also be paid.
The notes will be callable at par if each ETF closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par plus the coupon unless the ETF finishes below 60% of initial level, in which case investors will lose 1% for each 1% decline from the initial level, payable in cash or shares at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying funds: | SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF and Invesco QQQ Trust, Series 1
|
| Amount: | $1,795,000
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| Maturity: | Jan. 15, 2026
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| Contingent coupon: | 8% annual rate, payable quarterly if all three ETFs closes at or above coupon barrier level on related observation date; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless laggard ETF finishes below barrier level; in which case 1% loss for each 1% decline from initial level, payable in cash or shares at issuer’s option
|
| Call: | At par if each fund closes at or above initial level on any quarterly observation date
|
| Initial levels: | $476.68 for S&P, $193.23 for Russell, $409.56 for QQQ
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| Coupon barrier levels: | $286.01 for S&P, $115.94 for Russell, $245.74 for QQQ, 60% of initial levels
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| Barrier levels: | $286.01 for S&P, $115.94 for Russell, $245.74 for QQQ, 60% of initial levels
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| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 19
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| Agent: | Barclays
|
| Fees: | 0.75%
|
| Cusip: | 06744EDE4
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