Published on 2/22/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.11 million phoenix autocallable notes on three ETFs
By Wendy Van Sickle
Columbus, Ohio, Feb. 22 – Barclays Bank plc priced $2.11 million of phoenix autocallable notes due Feb. 19, 2027 linked to the least performing of the SPDR S&P 500 ETF trust, iShares Russell 2000 ETF and Invesco QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at a rate of 8% per year if each ETF closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par if each ETF closes at or above its initial price on any semiannual observation date.
The payout at maturity will be par unless any ETF finishes below its 60% barrier, in which case investors will lose 1% for each 1% decline of the worst performing ETF, payable in shares of that fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying ETFs: | SPDR S&P 500 ETF trust, iShares Russell 2000 ETF and Invesco QQQ Trust, series 1
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| Amount: | $2,111,000
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| Maturity: | Feb. 19, 2027
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| Coupon: | 8%, payable semiannually if each ETF closes at or above its coupon barrier on related observation date
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless any ETF finishes below its barrier price, in which case shares of worst performer
|
| Call: | At par if each ETF closes at or above its initial price on any semiannual observation date
|
| Initial prices: | $494.08 for SPDR S&P 500, $194.61 for iShares Russell, $428.55 for Invesco QQQ
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| Coupon barriers/barriers: | $296.45 for SPDR S&P 500, $116.77 for iShares Russell, $257.13 for Invesco QQQ; 60% of initial prices
|
| Pricing date: | Feb. 14
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| Settlement date: | Feb. 20
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| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06744EDT1
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