Published on 12/12/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.98 million autocallable contingent coupon notes tied to three stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 12 – Barclays Bank plc priced $1.98 million of autocallable contingent coupon notes due Dec. 4, 2026 linked to the stock performance of Apple Inc., Amazon.com, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 13% if each stock closes above its coupon barrier price, 60% of its initial price, on a related determination date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial share price on any quarterly call observation date after six months.
If the notes are not called and the final share price of each stock is greater than or equal to the 60% final barrier, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the share price of the least performing stock from its initial level.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc.
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| Amount: | $1,978,000
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| Maturity: | Dec. 4, 2026
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| Coupon: | 13% annual rate; payable monthly if closing price of each stock is greater than or equal to coupon barrier on related observation date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above 60% of its initial share price; otherwise, full exposure to decline of least performing stock from initial share price
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| Call: | At par plus coupon if closing share price of least performing stock is greater than or equal to its initial share price on any quarterly observation date after six months
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| Initial share prices: | $191.24 for Apple, $147.03 for Amazon, $133.32 for Alphabet
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| Coupon barrier prices: | $114.74 for Apple, $88.22 for Amazon, $79.99 for Alphabet; 60% of initial levels
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| Final barrier prices: | $114.74 for Apple, $88.22 for Amazon, $79.99 for Alphabet; 60% of initial levels
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| Pricing date: | Dec. 1
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| Settlement date: | Dec. 6
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| Agent: | Barclays
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| Fees: | 0.6%
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| Cusip: | 06745P2G5
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