Published on 10/3/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.31 million buffered autocallable contingent coupon notes on four stocks
By William Gullotti
Buffalo, N.Y., Oct. 3 – Barclays Bank plc priced $1.31 million of buffered autocallable contingent coupon notes due Sept. 30, 2026 linked to the stock performance of Alphabet Inc., Apple Inc., Amazon.com, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon of at a 11.2% annualized rate if each stock closes at or above its 60% coupon barrier value on the related observation date.
The notes will be called automatically at par plus the coupon if each stock closes at or above its initial level on any monthly call observation date after one year.
The payout at maturity will be par plus the final coupon if each stock finishes at or above 80% of initial level.
Otherwise, investors will lose 1% for each 1% decline of the worst performer beyond 20%.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Buffered autocallable contingent coupon notes
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Underlying stocks: | Alphabet Inc., Apple Inc., Amazon.com, Inc., Microsoft Corp.
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Amount: | $1,312,000
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Maturity: | Sept. 30, 2026
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Contingent coupon: | 11.2% annual rate, payable monthly if each stock closes at or above coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon unless a stock finishes below buffer level, in which case 1% loss for each 1% decline of the worst performer beyond the buffer
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Call: | At par plus coupon if each stock closes at or above initial level on any monthly observation date after one year
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Initial levels: | $129.45 for Alphabet, $171.96 for Apple, $125.98 for Amazon, $312.14 for Microsoft
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Coupon barrier levels: | $77.67 for Alphabet, $103.18 for Apple, $75.59 for Amazon, $187.28 for Microsoft; 60% of initial levels
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Buffer levels: | $103.56 for Alphabet, $137.57 for Apple, $100.78 for Amazon, $249.71 for Microsoft; 80% of initial levels
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Pricing date: | Sept. 26
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Settlement date: | Sept. 29
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Agent: | Barclays
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Fees: | 3%
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Cusip: | 06745NEQ5
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