Published on 11/27/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.53 million contingent market-linked autocalls on ETF, indexes
By Wendy Van Sickle
Columbus, Ohio, Nov. 27 – Barclays Bank plc sold $1.53 million of market-linked securities – autocallable with contingent coupon and contingent downside due May 21, 2026 linked to the Technology Select Sector SPDR fund, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly interest payment at the rate of 11.25% per year if each index closes at or above the coupon barrier level, 75% of the initial level, on the observation date for that period.
The notes will be automatically called at par plus coupon if each index closes at or above initial levels on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 75% threshold level.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays Capital Inc. and Wells Fargo Securities, LLC are the agents.
Issuer: | Barclays Bank plc
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Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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Underlying indexes: | S&P 500 index, Russell 2000 index, Technology Select Sector SPDR fund
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Amount: | $1,525,000
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Maturity: | May 21, 2026
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Coupon: | 11.25% annual rate, payable quarterly if all indexes close at or above their coupon barrier levels on the relevant observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each index finishes at or above threshold level; otherwise, full exposure to decline of worst performer from initial level
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Call: | Automatically at par plus coupon if each index closes at or above initial levels on any quarterly observation date after six months
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Initial levels: | 4,514.02 for S&P, 1,797.766 for Russell, $182.80 for Technology Select
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Coupon barriers: | 3,385.515 for S&P, 1,348.3245 for Russell, $137.10 for Technology Select; 75% of initial levels
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Threshold levels: | 3,385.515 for S&P, 1,348.3245 for Russell, $137.10 for Technology Select; 75% of initial levels
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Pricing date: | Nov. 17
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Settlement date: | Nov. 22
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Agents: | Barclays Capital Inc. and Wells Fargo Securities, LLC
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Fees: | 2.325%
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Cusip: | 06745NVR4
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