Published on 11/21/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.04 million 9.15% fixed-coupon autocalls on four aerospace stocks
By William Gullotti
Buffalo, N.Y., Nov. 21 – Barclays Bank plc priced $5.04 million of 9.15% autocallable fixed-coupon notes due Nov. 24, 2025 linked to the stock performance of RTX Corp., Lockheed Martin Corp., Boeing Co. and General Dynamics 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 plus the fixed coupon if each stock closes at or above its initial level on any monthly call valuation date after six months.
If the notes have not been called and each stock finishes at or above its 50% barrier, the payout at maturity will be par plus the final fixed coupon.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by its initial level or, at the option of the issuer, the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable fixed-coupon notes
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| Underlying stocks: | RTX Corp., Lockheed Martin Corp., Boeing Co., General Dynamics Corp.
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| Amount: | $5.04 million
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| Maturity: | Nov. 24, 2025
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| Coupon: | 9.15% annualized, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above barrier level, par plus final coupon; otherwise, receive a number of shares of the worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
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| Call: | At par plus coupon if each stock closes at or above initial level on any monthly call valuation date after six months
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| Initial levels: | $80.23 for RTX, $445.59 for Lockheed, $206.60 for Boeing, $245.26 for General Dynamics
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| Barrier levels: | $40.12 for RTX, $222.80 for Lockheed, $103.30 for Boeing, $122.63 for General Dynamics; 50% of initial levels
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| Equity ratio: | 12.46417 for RTX, 2.24422 for Lockheed, 4.84027 for Boeing, 4.07731 for General Dynamics; shares delivered per note
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| Pricing date: | Nov. 16
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| Settlement date: | Nov. 21
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| Agent: | Barclays
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| Fees: | 2.8%
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| Cusip: | 06744EAZ0
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