Barclays Bank PLC has set a $1,000 minimum denomination for autoCallable contingent coupon notes due September 13, 2029. The notes are unsecured and unsubordinated obligations, while Barclays Bank PLC’s estimated value of each note is between $882.70 and $942.70, below the $1,000 initial issue price, a disclosed pricing consideration for investors.

Key Highlights

  • The initial issue price is $1,000 per note, with Barclays Bank PLC receiving 96.00% of that amount.
  • Barclays Bank PLC’s estimated value per note ranges from $882.70 to $942.70 under internal pricing models.
  • Each note has a $1,000 initial issue price and a 100.00% public offering price.
  • The agent’s commission is 4.00%, leaving proceeds to Barclays Bank PLC of 96.00% per note.

Nature of the Notes

The notes are unsecured and unsubordinated obligations linked to the least-performing security in a group of Equity securities. Their stated structure distinguishes them from deposit liabilities, so they are presented as obligations connected to the referenced equity securities rather than as deposits. The central linkage described is therefore the relationship between the notes and the weakest-performing security in that group.

Initial Issue Price

Each note has an initial issue price of $1,000. Further purchases are available only in integral multiples of $1,000, establishing the stated purchase denomination for investors seeking additional notes.

The initial issue price is the amount specified for each note at issuance, while the public offering price is expressed separately as 100.00% per note. Together, these terms describe the offering price as the full stated amount of the note.

Public Offering Price

The public offering price is 100.00% per note. Because the initial issue price is $1,000, the article presents the offering at the full stated price rather than at a discount to that initial amount.

The article also states that the agent’s commission is 4.00%. This commission is a component of the offering Economics and is presented alongside the public offering price and proceeds to Barclays Bank PLC.

Proceeds and Commission

Proceeds to Barclays Bank PLC equal 96.00% per note. The stated proceeds percentage appears together with the 4.00% agent’s commission, providing the article’s breakdown of the public offering price.

This means the article describes 100.00% as the public offering price, 4.00% as the agent’s commission, and 96.00% as proceeds to Barclays Bank PLC. No other allocation of the offering price is provided.

Estimated Value Range

Barclays Bank PLC’s internal pricing models place the estimated value of each note between $882.70 and $942.70 on the Initial Valuation Date. This is an estimated range produced by internal pricing models, rather than the stated initial issue price or public offering price.

The lower end of the range is $882.70, and the upper end is $942.70. Both stated estimates are below $1,000, so the pricing supplement states that the estimated value is expected to be below the initial issue price.

Relationship Between Price and Value

The article places the $1,000 initial issue price alongside an estimated value range of $882.70 to $942.70. This comparison shows that the stated model-based estimated value is below the amount assigned to each note at issuance.

The public offering price remains 100.00% per note, while the internal estimated value range is lower than the $1,000 initial issue price. These are separate figures described for different purposes within the offering: one states the offering price, and the other states the model-based estimated value.

Source(s)

  • https://www.sec.gov/Archives/edgar/data/312070/000191870426025191/form424b2.htm