Published on 4/29/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.42 million phoenix autocallable notes on linked to three indexes
By William Gullotti
Buffalo, N.Y., April 29 – Barclays Bank plc priced $1.42 million of phoenix autocallable notes due April 28, 2027 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 Technology Sector index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.35% if each index closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par plus the final coupon unless any index finishes below 70% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying indexes: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 Technology Sector index
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Amount: | $1,421,000
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Maturity: | April 28, 2027
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Coupon: | 8.35% annualized, payable monthly if each index closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon unless any index finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing index from its initial level
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Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any monthly call observation date after six months
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Initial levels: | 38,503.69 for Dow, 9,828.82 for Nasdaq Tech, 2,002.643 for Russell
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Coupon barriers: | 26,952.58 for Dow, 6,880.17 for Nasdaq Tech, 1,401.85 for Russell; 70% of initial levels
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Final barriers: | 26,952.58 for Dow, 6,880.17 for Nasdaq Tech, 1,401.85 for Russell; 70% of initial levels
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Pricing date: | April 23
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Settlement date: | April 26
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Agent: | Barclays
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Fees: | 2.75%
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Cusip: | 06745QN70
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