Published on 4/19/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million autocallable fixed-coupon notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, April 19 – Barclays Bank plc priced $2 million of 9% autocallable fixed-coupon notes due April 22, 2026 linked to the least performing of the securities of Schlumberger NV, Halliburton Co., Phillips 66 and Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be automatically called at par if each stock closes at or above its initial level on monthly call date after six months.
If the notes are not called and each stock finishes at or above 50% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer, payable in shares.
Barclay is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable fixed-coupon notes
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| Underlying stocks: | Schlumberger NV, Halliburton Co., Phillips 66 and Valero Energy Corp.
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| Amount: | $2 million
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| Maturity: | April 22, 2026
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| Coupon: | 9% annual rate, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier level, in which case 1% loss for each 1% decline of the worst performer from initial level, payable in shares
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| Call: | At par if each stock closes at or above initial level on any monthly call date after six months
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| Initial levels: | $39.10 for Halliburton, $51.67 for Schlumberger, $160.82 for Phillips 66, $170.67 for Valero
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| Barrier levels: | $19.55 for Halliburton, $25.84 for Schlumberger, $80.41 for Phillips 66, $85.34 for Valero; 50% of initial levels
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| Physical delivery amounts: | 25.57545 for Halliburton, 19.35359 for Schlumberger, 6.21813 for Phillips 66, 5.85926 for Valero
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| Pricing date: | April 15
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| Settlement date: | April 18
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06744ELF6
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