Published on 2/5/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $704,000 autocallable contingent coupon notes linked to stocks
Chicago, Feb. 5 – Barclays Bank plc priced $704,000 of autocallable contingent coupon notes due May 15, 2025 linked to the least performing of the securities of Amazon.com, Inc., Truist Financial Corp. and Intel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 30% per year if each stock closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that month. Previously unpaid coupons will also be paid.
After three months, the notes will be called if all three stocks close above their initial levels on any monthly call valuation date.
The payout at maturity will be par unless the least performing stock’s final level is less than its barrier level, 70% of its initial level, in which case investors will lose 1% for every 1% that the least performing stock declines from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | Amazon.com, Inc., Truist Financial Corp. and Intel Corp.
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| Amount: | $704,000
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| Maturity: | May 15, 2025
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| Coupon: | 30% per year, payable monthly if each stock closes at or above coupon barrier level on valuation date for that month; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par unless least performing stock’s final level is less than barrier level, in which case 1% loss for every 1% that least performing stock declines from initial level
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| Call: | After three months, automatically at par if all three stocks close above initial levels on monthly call valuation date
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| Initial levels: | $110.26 for Amazon, $27.30 for Truist, $28.95 for Intel
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| Coupon barrier levels: | $77.18 for Amazon, $19.11 for Truist, $20.27 for Intel, or 70% of initial levels
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| Barrier levels: | $77.18 for Amazon, $19.11 for Truist, $20.27 for Intel, or 70% of initial levels
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| Pricing date: | May 12, 2023
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| Settlement date: | May 17, 2023
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06745MBZ0
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