Published on 4/29/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.31 million autocallable contingent coupon notes on S&P, Russell
By Kiku Steinfeld
Chicago, April 29 – Barclays Bank plc priced $1.31 million of autocallable contingent coupon notes due Aug. 5, 2024 linked to the least performing of the S&P 500 index and the Russell 200 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 8.86% if each index closes at or above its 70% coupon barrier level on the related observation date.
If each index closes at or above its initial level on any quarterly observation date, the notes will be automatically redeemed at par.
At maturity, investors will receive par if both indexes finish positive or if neither index closes below its 70% knock-in level during the life of notes. Otherwise, investors will be fully exposed to the losses of the worst performer.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | S&P 500 index and Russell 2000 index
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| Amount: | $1,311,000
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| Maturity: | Aug. 5, 2024
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| Contingent coupon: | 8.86% annual rate, payable quarterly if each index closes at or above its coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par if both indexes end positive or if neither index closes below knock-in level during life of notes; otherwise, full exposure to losses of worst performer
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| Call: | If each index closes at or above its initial level on any quarterly observation date, automatically called at par
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| Initial index levels: | 2,003.177 for Russell, 4,588.96 for S&P
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| Coupon barrier levels: | 1,402.22 for Russell, 3,212.27 for S&P, 70% of initial levels
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| Knock-in levels: | 1,402.22 for Russell, 3,212.27 for S&P, 70% of initial levels
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| Pricing date: | July 31, 2023
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| Settlement date: | Aug. 3, 2023
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| Agent: | Barclays
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| Fees: | 0.725%
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| Cusip: | 06745MX60
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