Published on 12/13/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.48 million phoenix autocallable notes linked to three tech stocks
By William Gullotti
Buffalo, N.Y., Dec. 13 – Barclays Bank plc priced $1.48 million of phoenix autocallable notes due Dec. 3, 2026 linked to least performing of stocks of Tesla, Inc., Intel Corp. and Amazon.com, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 18% if each stock closes at or above its 60% coupon barrier on a related observation date.
After three months, the notes will be called at par plus contingent coupon if each stock closes at or above its 90% call level on any monthly call observation date.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or the cash equivalent at the issuer’s option.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Tesla, Inc., Intel Corp., Amazon.com, Inc.
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Amount: | $1,481,000
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Maturity: | Dec. 3, 2026
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Coupon: | 18% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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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, investors will receive a number of shares of the worst performer equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
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Call: | Automatically at par plus coupon if each stock closes at or above call level on any monthly observation date after three months
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Initial levels: | $240.08 for Tesla, $44.70 for Intel, $146.09 for Amazon
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Call levels: | $216.07 for Tesla, $40.23 for Intel, $131.48 for Amazon; 90% of initial levels
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Coupon barriers: | $144.05 for Tesla, $26.82 for Intel, $87.65 for Amazon; 60% of initial levels
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Final barriers: | $144.05 for Tesla, $26.82 for Intel, $87.65 for Amazon; 60% of initial levels
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Equity ratio: | 4.16528 for Tesla, 22.37136 for Intel, 6.8451 for Amazon; shares per note
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Pricing date: | Nov. 30
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Settlement date: | Dec. 5
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Agent: | Barclays
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Fees: | 3.5%
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Cusip: | 06744EBW6
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