Published on 9/11/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.56 million autocallable fixed-coupon notes on four stocks
Chicago, Sept. 11 – Barclays Bank plc priced $1.56 million of autocallable fixed-coupon notes due Sept. 3, 2025 linked to the common stocks of Caterpillar Inc., Deere & Co., Waste Management, Inc. and Honeywell International Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 9% per year and will be payable monthly.
The notes will be automatically called at par if each stock closes at or above its initial level on any monthly call valuation date after six months.
If the notes are not called, the payout at maturity will be par unless any stock finishes below its barrier level, 50% of its initial level, in which case the payout will be par minus the decline of the least-performing stock or, at the issuer’s option, a number of shares of the least-performing stock equal to $1,000 divided by that stock’s initial share price.
Barclay is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable fixed-coupon notes
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| Underlying stocks: | Caterpillar Inc., Deere & Co., Waste Management, Inc. and Honeywell International Inc.
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| Amount: | $1,560,000
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| Maturity: | Sept. 3, 2025
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| Coupon: | 9% annual rate, payable monthly
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| Price: | Par
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| Call: | At par if each stock closes at or above initial level on any monthly call valuation date after six months
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| Payout at maturity: | Par unless any stock finishes below its barrier level, in which case par minus decline of least-performing stock or, at issuer’s option, number of shares of least-performing stock equal to $1,000 divided by that stock’s initial share price
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| Initial levels: | $274.79 for Caterpillar, $394.69 for Deere, $157.94 for Waste Management, $187.88 for Honeywell
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| Barrier levels: | $137.40 for Caterpillar, $197.35 for Deere, $78.97 for Waste Management, $93.94 for Honeywell; 50% of initial levels
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| Physical delivery amounts: | 3.63914 for Caterpillar, 2.53363 for Deere, 6.33152 for Waste Management, 5.32255 for Honeywell
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| Pricing date: | Aug. 28
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| Settlement date: | Aug. 31
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| Agent: | Barclays
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| Fees: | 2%
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| Cusip: | 06741W6Z8
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