Published on 1/5/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.16 million contingent market-linked autocalls on three tech stocks
By William Gullotti
Buffalo, N.Y., Jan. 5 – Barclays Bank plc priced $1.16 million of market-linked securities due Dec. 30, 2025 – autocallable with contingent coupon and contingent downside linked to the stock performance of Amazon.com, Inc., Apple Inc. and Broadcom 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 16.3% if each stock closes at or above its 70% threshold level on the relevant observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any monthly observation date after six months.
At maturity, the payout will be par plus the final coupon unless any stock finishes below its threshold level, in which case the payout will be par plus the return of the worst performing stock with full exposure to any losses.
Wells Fargo Securities, LLC and Barclays Capital Inc. 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 stocks: | Amazon.com, Inc., Apple Inc., Broadcom Inc.
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| Amount: | $1,155,000
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| Maturity: | Dec. 30, 2025
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| Coupon: | 16.3% annualized, payable monthly if each stock closes at or above threshold level on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below threshold level, in which case 1% loss per 1% decline of the worst performing stock from its initial level
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| Call: | At par plus coupon if each stock closes at or above its initial level on any interest payment date after six months
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| Initial levels: | $153.38 for Amazon, $193.58 for Apple, $1,122.41 for Broadcom
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| Threshold levels: | $107.366 for Amazon, $135.506 for Apple, $785.687 for Broadcom; 70% of initial levels
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| Pricing date: | Dec. 28
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| Settlement date: | Jan. 3
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| Agents: | Wells Fargo Securities, LLC and Barclays Capital Inc.
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| Fees: | 2.325%
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| Cusip: | 06745PDD0
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