Published on 3/26/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $810,000 phoenix autocallable notes on four tech stocks
By Kiku Steinfeld
Chicago, March 26 – Barclays Bank plc priced $810,000 of phoenix autocallable notes due July 3, 2026 linked to the least performing of the stocks of Apple Inc., Meta Platforms, Inc., Amazon.com, Inc. and Tesla, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 21% if each stock closes at or above its 50% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if each stock closes at or above its initial level on any monthly call observation date after six months.
If the notes are not called and the worst performer finishes at or above its 50% barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer 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 stocks: | Apple Inc., Amazon.com, Inc., Tesla, Inc., Meta Platforms, Inc.
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| Amount: | $810,000
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| Maturity: | July 3, 2026
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| Coupon: | 21% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | If worst performer finishes at or above final barrier, par; otherwise, 1% loss for every 1% decline of the worst performer from initial level
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly observation date after six months
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| Initial levels: | $193.97 for Apple, $286.98 for Meta, $130.36 for Amazon, $261.77 for Tesla
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| Coupon barriers: | $96.99 for Apple, $143.49 for Meta, $65.18 for Amazon, $130.88 for Tesla; 50% of initial levels
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| Final barriers: | $96.99 for Apple, $143.49 for Meta, $65.18 for Amazon, $130.88 for Tesla; 50% of initial levels
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| Pricing date: | June 30, 2023
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| Settlement date: | July 6, 2023
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06745MK72
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