Published on 10/17/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.9 million 11.75% autocallable fixed coupon notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 17 – Barclays Bank plc priced $3.9 million of 11.75% autocallable fixed coupon notes due Oct. 15, 2025 linked to the least performing of the common stocks of Schlumberger NV, Halliburton Co., Baker Hughes Co. and Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any monthly review date after six months.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 50% trigger value, in which case investors will lose 1% for each 1% decline from the worst performer’s initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable fixed coupon notes
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| Underlying stocks: | Schlumberger NV, Baker Hughes Co., Halliburton Co. and Valero Energy Corp.
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| Amount: | $3.9 million
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| Maturity: | Oct. 15, 2025
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| Coupon: | 11.75% per annum, paid monthly
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any stock finishes below trigger level, in which case 1% loss for each 1% decline of least performing stock from initial level, payable in shares of that stock
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly review date after six months
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| Initial levels: | $41.15 for Halliburton, $58.62 for Schlumberger, $34.90 for Baker Hughes, $130.21 for Valero
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| Trigger levels: | $20.58 for Halliburton, $29.31 for Schlumberger, $17.45 for Baker Hughes, $65.11 for Valero; 50% of initial levels
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| Pricing date: | Oct. 10
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| Settlement date: | Oct. 13
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06744EAN7
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