Published on 4/4/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.11 million autocallable fixed-coupon notes on bank stocks
Chicago, April 4 – Barclays Bank plc priced $3.11 million of 9.8% autocallable fixed-coupon notes due Jan. 23, 2026 linked to the least performing of the securities of Wells Fargo & Co., Citigroup Inc., PNC Financial Services Group, Inc. and US Bancorp, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be automatically called at par if each stock closes at or above its initial level on monthly call date after six months.
If the notes are not called and each stock finishes at or above 50% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer, payable in shares.
Barclay is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable fixed-coupon notes
|
| Underlying stocks: | Wells Fargo & Co., Citigroup Inc., PNC Financial Services Group, Inc. and US Bancorp
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| Amount: | $3,105,000
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| Maturity: | Jan. 23, 2026
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| Coupon: | 9.8% annual rate, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below barrier level, in which case 1% loss for each 1% decline of the worst performer from initial level, payable in shares
|
| Call: | At par if each stock closes at or above initial level on any monthly call date after six months
|
| Initial levels: | $46.44 for Wells Fargo, $51.11 for Citigroup, $146.29 for PNC, $40.15 for USB
|
| Barrier levels: | $23.22 for Wells Fargo, $25.56 for Citigroup, $73.15 for PNC, $20.08 for USB; 50% of initial levels
|
| Physical delivery amounts: | 21.53316 for Wells Fargo, 19.56564 for Citigroup, 6.83574 for PNC, 24.9066 for USB
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 23
|
| Agent: | Barclays
|
| Fees: | 2.85%
|
| Cusip: | 06744ECY1
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