Published on 2/12/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.69 million contingent market-linked autocalls on three tech stocks
By William Gullotti
Buffalo, N.Y., Feb. 12 – Barclays Bank plc priced $5.69 million of market-linked securities due Jan. 22, 2027 – autocallable with contingent coupon and contingent downside linked to the stock performance of Amazon.com, Inc., Alphabet Inc. and Meta Platforms, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 18% 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 quarterly 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., Alphabet Inc., Meta Platforms, Inc.
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| Amount: | $5,685,000
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| Maturity: | Jan. 22, 2027
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| Coupon: | 18% annualized, payable quarterly if each stock closes at or above threshold level on observation date for that period
|
| 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: | $155.34 for Amazon, $146.38 for Alphabet, $383.45 for Meta
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| Threshold levels: | $108.738 for Amazon, $102.466 for Alphabet, $268.415 for Meta; 70% of initial levels
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| Pricing date: | Jan. 19
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| Settlement date: | Jan. 24
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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: | 06745PED9
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