Published on 8/8/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.24 million autocallable contingent coupon barrier notes on stock basket
Chicago, Aug. 8 – Barclays Bank plc priced $2.24 million of autocallable contingent coupon barrier notes due April 30, 2026 linked to an equally-weighted basket consisting of the stocks of CrowdStrike Holdings, Inc., Fortinet, Inc., Palo Alto Networks, Inc. and Zscaler, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 9.75% per year if the basket closes at or above its coupon barrier, 70% of its initial price, on the observation date for that period.
The notes will be called at par if the basket closes at or above its initial price on any monthly observation date after six months.
If the notes are not called, the payout at maturity will be par unless the basket finishes below its 60% barrier level, in which case investors will be fully exposed to the decline.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon barrier notes
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| Underlying basket: | CrowdStrike Holdings, Inc., Fortinet, Inc., Palo Alto Networks, Inc. and Zscaler, Inc., equally weighted
|
| Amount: | $2,237,000
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| Maturity: | April 30, 2026
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| Coupon: | 9.75% annual rate, payable monthly if basket closes at or above coupon barrier on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless basket finishes below barrier level, in which case full exposure to decline
|
| Call: | At par if basket closes at or above initial price on any monthly observation date after six months
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| Initial share prices: | $154.63 for CrowdStrike, $77.26 for Fortinet, $245.01 for Palo Alto, $156.62 for Zscaler
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| Coupon barrier level: | 70% of initial level
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| Barrier level: | 60% of initial level
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| Pricing date: | July 26
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| Settlement date: | July 31
|
| Agent: | Barclays
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| Fees: | 3.25%
|
| Cusip: | 06745MS74
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