Pricing Supplement dated July 19, 2024
(To the Prospectus dated May 23, 2022, the Prospectus Supplement
dated June 27, 2022 and the Underlying Supplement dated June 27, 2022) |
Filed Pursuant to Rule 424(b)(2)
Registration No. 333–265158 |
|
$285,000
Notes due January 25, 2030
Linked to the Dow Jones Industrial Average®
Global Medium-Term Notes, Series A
|
Terms used in this pricing supplement, but not defined herein,
shall have the meanings ascribed to them in the prospectus supplement.
Issuer: |
Barclays Bank PLC |
Denominations: |
Minimum denomination of $1,000, and integral multiples of $1,000 in excess thereof |
Initial Valuation Date: |
July 19, 2024 |
Issue Date: |
July 24, 2024 |
Final Valuation Date:* |
January 22, 2030 |
Maturity Date:* |
January 25, 2030 |
Reference Asset: |
The Dow Jones Industrial Average® (Bloomberg ticker symbol “INDU <Index>”) |
Payment at Maturity: |
If you hold the Notes to maturity, you will receive
on the Maturity Date a cash payment per $1,000 principal amount Note that you hold determined as follows:
§
If the Final
Value of the Reference Asset is greater than or equal to the Initial Value, you will receive an amount per $1,000 principal amount
Note calculated as follows:
$1,000 + [$1,000 × lesser
of (a) Reference Asset Return of the Reference Asset × Upside Leverage Factor and (b) Maximum Return]
If the Reference Asset Return is 36.40% or more,
you will receive a payment at maturity of $1,455.00 per $1,000 principal amount Note that you hold.
§
If the Final Value
of the Reference Asset is less than the Initial Value, you will receive a payment of $1,000 per $1,000 principal amount Note.
Any payment on the Notes is not guaranteed
by any third party and is subject to (a) the creditworthiness of Barclays Bank PLC and (b) the risk of exercise of any U.K. Bail-in Power
(as described on page PS-4 of this pricing supplement) by the relevant U.K. resolution authority. If Barclays Bank PLC were to default
on its payment obligations or become subject to the exercise of any U.K. Bail-in Power (or any other resolution measure) by the relevant
U.K. resolution authority, you might not receive any amounts owed to you under the Notes. See “Consent to U.K. Bail-in Power”
and “Selected Risk Considerations” in this pricing supplement and “Risk Factors” in the accompanying prospectus
supplement for more information.
|
Consent to U.K. Bail-in Power: |
Notwithstanding and to the exclusion of any other term of the Notes or any other agreements, arrangements or understandings between Barclays Bank PLC and any holder or beneficial owner of the Notes (or the Trustee on behalf of the holders of the Notes), by acquiring the Notes, each holder and beneficial owner of the Notes acknowledges, accepts, agrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority. See “Consent to U.K. Bail-in Power” on page PS-4 of this pricing supplement. |
[Terms of the Notes Continue on the Next Page]
|
Initial Issue Price(1)(2) |
Price to Public |
Agent’s Commission(3) |
Proceeds to Barclays Bank PLC(3) |
Per Note |
$1,000 |
100.00% |
3.85% |
96.15% |
Total |
$285,000 |
$285,000 |
$10,780 |
$274,220 |
| (1) | Our estimated value of the Notes on the Initial Valuation Date, based on our internal pricing models,
is $946.70 per Note. The estimated value is less than the initial issue price of the Notes. See “Additional Information Regarding
Our Estimated Value of the Notes” on page PS–5 of this pricing supplement. |
| (2) | Barclays Capital Inc. will receive commissions from the Issuer of up to $38.50 per $1,000 principal amount
Note. Barclays Capital Inc. will use these commissions to pay variable selling concessions or fees (including custodial or clearing fees)
to other dealers. Barclays Capital Inc. will pay from these commissions a structuring fee of up to $8.50 per $1,000 principal amount Note.
The per Note agent’s commission and proceeds to Issuer shown above is the minimum amount of proceeds that the Issuer receives per
Note, assuming the maximum Agent’s Commission per Note of 3.85%. The total agent’s commission and total proceeds to Issuer
shown above give effect to the actual amount of the variable Agent’s commission. |
In addition, investors that hold their Notes in fee-based advisory
or trust accounts may be charged fees by the investment advisor or manager of such account based on the amount of assets held in those
accounts, including the Notes.
Investing in the Notes involves a number of risks.
See “Risk Factors” beginning on page S-9 of the prospectus supplement and “Selected Risk Considerations” beginning
on page PS-10 of this pricing supplement.
We may use this pricing supplement in the
initial sale of Notes. In addition, Barclays Capital Inc. or another of our affiliates may use this pricing supplement in market resale
transactions in any Notes after their initial sale. Unless we or our agent informs you otherwise in the confirmation of sale, this pricing
supplement is being used in a market resale transaction.
The Notes will not be listed on any U.S.
securities exchange or quotation system. Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities
commission has approved or disapproved of these Notes or determined that this pricing supplement is truthful or complete. Any representation
to the contrary is a criminal offense.
The Notes constitute our unsecured and unsubordinated obligations.
The Notes are not deposit liabilities of Barclays Bank PLC and are not covered by the U.K. Financial Services Compensation Scheme or insured
by the U.S. Federal Deposit Insurance Corporation or any other governmental agency or deposit insurance agency of the United States, the
United Kingdom or any other jurisdiction.
Terms of the Notes, Continued |
|
Initial Value: |
40,287.53, the Closing Value of the Reference Asset on the Initial Valuation Date |
Final Value: |
The Closing Value of the Reference Asset on the Final Valuation Date |
Closing Value: |
The term “Closing Value” means the closing level of the Reference Asset, as further described under “Reference Assets—Indices—Special Calculation Provisions” in the prospectus supplement. |
Upside Leverage Factor: |
1.25 |
Maximum Return: |
45.50% |
Reference Asset Return: |
The performance of the Reference Asset from the Initial Value to the
Final Value, calculated as follows:
Final Value – Initial Value
Initial Value |
Calculation Agent: |
Barclays Bank PLC |
CUSIP / ISIN: |
06745UCY4 / US06745UCY47 |
|
|
| * | Subject to postponement, as described under “Additional Terms of the Notes” in this pricing supplement |
ADDITIONAL Documents related to the
offering of THE NOTES
You should read this pricing supplement together
with the prospectus dated May 23, 2022 as supplemented by the documents listed below, relating to our Global Medium-Term Notes, Series
A, of which these Notes are a part. This pricing supplement, together with the documents listed below, contains the terms of the Notes
and supersedes all prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative
pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials
of ours. You should carefully consider, among other things, the matters set forth under “Risk Factors” in the prospectus supplement
and “Selected Risk Considerations” in this pricing supplement, as the Notes involve risks not associated with conventional
debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes.
You may access these documents on the SEC website
at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
| · | Prospectus dated May 23, 2022: |
http://www.sec.gov/Archives/edgar/data/312070/000119312522157585/d337542df3asr.htm
| · | Prospectus Supplement dated June 27, 2022: |
http://www.sec.gov/Archives/edgar/data/0000312070/000095010322011301/dp169388_424b2-prosupp.htm
| · | Underlying Supplement dated June 27, 2022: |
http://www.sec.gov/Archives/edgar/data/0000312070/000095010322011304/dp169384_424b2-underl.htm
Our SEC file number is 1–10257. As used
in this pricing supplement, “we,” “us” or “our” refers to Barclays Bank PLC.
consent to u.k. bail-in power
Notwithstanding and to the exclusion of any
other term of the Notes or any other agreements, arrangements or understandings between us and any holder or beneficial owner of the Notes
(or the Trustee on behalf of the holders of the Notes), by acquiring the Notes, each holder and beneficial owner of the Notes acknowledges,
accepts, agrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority.
Under the U.K. Banking Act 2009, as amended, the
relevant U.K. resolution authority may exercise a U.K. Bail-in Power in circumstances in which the relevant U.K. resolution authority
is satisfied that the resolution conditions are met. These conditions include that a U.K. bank or investment firm is failing or is likely
to fail to satisfy the Financial Services and Markets Act 2000 (the “FSMA”) threshold conditions for authorization to carry
on certain regulated activities (within the meaning of section 55B FSMA) or, in the case of a U.K. banking group company that is a European
Economic Area (“EEA”) or third country institution or investment firm, that the relevant EEA or third country relevant authority
is satisfied that the resolution conditions are met in respect of that entity.
The U.K. Bail-in Power includes any write-down,
conversion, transfer, modification and/or suspension power, which allows for (i) the reduction or cancellation of all, or a portion, of
the principal amount of, interest on, or any other amounts payable on, the Notes; (ii) the conversion of all, or a portion, of the principal
amount of, interest on, or any other amounts payable on, the Notes into shares or other securities or other obligations of Barclays Bank
PLC or another person (and the issue to, or conferral on, the holder or beneficial owner of the Notes such shares, securities or obligations);
(iii) the cancellation of the Notes and/or (iv) the amendment or alteration of the maturity of the Notes, or amendment of the amount of
interest or any other amounts due on the Notes, or the dates on which interest or any other amounts become payable, including by suspending
payment for a temporary period; which U.K. Bail-in Power may be exercised by means of a variation of the terms of the Notes solely to
give effect to the exercise by the relevant U.K. resolution authority of such U.K. Bail-in Power. Each holder and beneficial owner of
the Notes further acknowledges and agrees that the rights of the holders or beneficial owners of the Notes are subject to, and will be
varied, if necessary, solely to give effect to, the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority. For
the avoidance of doubt, this consent and acknowledgment is not a waiver of any rights holders or beneficial owners of the Notes may have
at law if and to the extent that any U.K. Bail-in Power is exercised by the relevant U.K. resolution authority in breach of laws applicable
in England.
For more information, please see “Selected
Risk Considerations—Risks Relating to the Issuer—You May Lose Some or All of Your Investment If Any U.K. Bail-in Power Is
Exercised by the Relevant U.K. Resolution Authority” in this pricing supplement as well as “U.K. Bail-in Power,” “Risk
Factors—Risks Relating to the Securities Generally—Regulatory action in the event a bank or investment firm in the Group is
failing or likely to fail, including the exercise by the relevant U.K. resolution authority of a variety of statutory resolution powers,
could materially adversely affect the value of any securities” and “Risk Factors—Risks Relating to the Securities Generally—Under
the terms of the securities, you have agreed to be bound by the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority”
in the accompanying prospectus supplement.
ADDITIONAL INFORMATION REGARDING OUR
ESTIMATED VALUE OF THE NOTES
Our internal pricing models take into account
a number of variables and are based on a number of subjective assumptions, which may or may not materialize, typically including volatility,
interest rates, and our internal funding rates. Our internal funding rates (which are our internally published borrowing rates based on
variables such as market benchmarks, our appetite for borrowing, and our existing obligations coming to maturity) may vary from the levels
at which our benchmark debt securities trade in the secondary market. Our estimated value on the Initial Valuation Date is based on our
internal funding rates. Our estimated value of the Notes may be lower if such valuation were based on the levels at which our benchmark
debt securities trade in the secondary market.
Our estimated value of the Notes on the Initial
Valuation Date is less than the initial issue price of the Notes. The difference between the initial issue price of the Notes and our
estimated value of the Notes is a result of several factors, including any sales commissions to be paid to Barclays Capital Inc. or another
affiliate of ours, any selling concessions, discounts, commissions or fees (including any structuring or other distribution related fees)
to be allowed or paid to non-affiliated intermediaries, the estimated profit that we or any of our affiliates expect to earn in connection
with structuring the Notes, the estimated cost which we may incur in hedging our obligations under the Notes, and estimated development
and other costs which we may incur in connection with the Notes.
Our estimated value on the Initial Valuation Date
is not a prediction of the price at which the Notes may trade in the secondary market, nor will it be the price at which Barclays Capital
Inc. may buy or sell the Notes in the secondary market. Subject to normal market and funding conditions, Barclays Capital Inc. or another
affiliate of ours intends to offer to purchase the Notes in the secondary market but it is not obligated to do so.
Assuming that all relevant factors remain constant
after the Initial Valuation Date, the price at which Barclays Capital Inc. may initially buy or sell the Notes in the secondary market,
if any, and the value that we may initially use for customer account statements, if we provide any customer account statements at all,
may exceed our estimated value on the Initial Valuation Date for a temporary period expected to be approximately six months after the
Issue Date because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging our
obligations under the Notes and other costs in connection with the Notes which we will no longer expect to incur over the term of the
Notes. We made such discretionary election and determined this temporary reimbursement period on the basis of a number of factors, which
may include the tenor of the Notes and/or any agreement we may have with the distributors of the Notes. The amount of our estimated costs
which we effectively reimburse to investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue
such reimbursement at any time or revise the duration of the reimbursement period after the initial Issue Date of the Notes based on changes
in market conditions and other factors that cannot be predicted.
We urge you to read the “Selected Risk
Considerations” beginning on page PS-10 of this pricing supplement.
Selected Purchase Considerations
The Notes are not appropriate for
all investors. The Notes may be an appropriate investment for you if all of the following statements are true:
| · | You do not seek an investment that produces periodic interest or coupon payments or other sources of current
income. |
| · | You accept that your return on investment will not exceed the Maximum Return. |
| · | You understand and accept that you may not earn any positive return on your Notes. |
| · | You understand and accept the risk that the payment at maturity will be based solely on the Reference
Asset Return of the Reference Asset. |
| · | You understand and accept that you will not be entitled to receive dividends or distributions that may
be paid to holders of a Reference Asset or any securities to which a Reference Asset provides exposure, nor will you have any voting rights
with respect to a Reference Asset or any securities to which a Reference Asset provides exposure. |
| · | You understand and are willing and able to accept the risks associated with an investment linked to the
performance of the Reference Asset. |
| · | You do not seek an investment for which there will be an active secondary market, and you are willing
and able to hold the Notes to maturity. |
| · | You are willing and able to assume our credit risk for all payments on the Notes. |
| · | You are willing and able to consent to the exercise of any U.K. Bail-in Power by any relevant U.K. resolution
authority. |
The Notes may not be an appropriate investment
for you if any of the following statements are true:
| · | You seek an investment that produces periodic interest or coupon payments or other sources of current
income or otherwise provides for a guaranteed positive return. |
| · | You seek uncapped exposure to any positive performance of the Reference Asset. |
| · | You do not understand and/or are unwilling or unable to accept the risks associated with an investment
linked to the performance of the Reference Asset. |
| · | You seek an investment that entitles you to dividends or distributions on, or voting rights related to
a Reference Asset or any securities to which a Reference Asset provides exposure. |
| · | You seek an investment for which there will be an active secondary market, and/or you are unwilling or
unable to hold the Notes to maturity. |
| · | You prefer the lower risk, and therefore accept the potentially lower returns, of fixed income investments
with comparable maturities and credit ratings. |
| · | You are unwilling or unable to assume our credit risk for all payments on the Notes. |
| · | You are unwilling or unable to consent to the exercise of any U.K. Bail-in Power by any relevant U.K.
resolution authority. |
You must rely on your own evaluation of
the merits of an investment in the Notes. You should reach a decision whether to invest in the Notes after carefully considering,
with your advisors, the appropriateness of the Notes in light of your investment objectives and the specific information set out in this
pricing supplement and the documents referenced under “Additional Documents Related to the Offering of the Notes” in this
pricing supplement. Neither the Issuer nor Barclays Capital Inc. makes any recommendation as to the appropriateness of the Notes for investment.
ADDITIONAL TERMS OF THE NOTES
The Final Valuation Date and the Maturity Date
are subject to postponement in certain circumstances, as described under “Reference Assets—Indices—Market Disruption
Events for Securities with an Index of Equity Securities as a Reference Asset” and “Terms of the Notes—Payment Dates”
in the accompanying prospectus supplement.
In addition, the Reference Asset and the Notes
are subject to adjustment by the Calculation Agent under certain circumstances, as described under “Reference Assets—Indices—Adjustments
Relating to Securities with an Index as a Reference Asset” in the accompanying prospectus supplement.
HYPOTHETICAL EXAMPLES OF AMOUNTS PAYABLE AT
MATURITY
The following table illustrates the hypothetical
payment at maturity under various circumstances. The “total return” as used in these examples, is the number, expressed as
a percentage, that results from comparing the payment at maturity per $1,000 principal amount Note to $1,000. The hypothetical total returns
set forth below are for illustrative purposes only and may not be the actual total returns applicable to a purchaser of the Notes. The
numbers appearing in the following table and examples have been rounded for ease of analysis. The hypothetical examples below do not take
into account any tax consequences from investing in the Notes and make the following key assumption:
| § | Hypothetical Initial Value of the Reference Asset: 100.00* |
* The hypothetical Initial Value
of 100.00 for the Reference Asset has been chosen for illustrative purposes only. The actual Initial Value for the Reference Asset is
as set forth on the cover of this pricing supplement.
Final Value |
Reference Asset Return |
Payment at Maturity** |
Total Return on the Notes |
150.00 |
50.00% |
$1,455.00 |
45.50% |
140.00 |
40.00% |
$1,455.00 |
45.50% |
136.40 |
36.40% |
$1,455.00 |
45.50% |
130.00 |
30.00% |
$1,375.00 |
37.50% |
120.00 |
20.00% |
$1,250.00 |
25.00% |
110.00 |
10.00% |
$1,125.00 |
12.50% |
105.00 |
5.00% |
$1,062.50 |
6.25% |
100.00 |
0.00% |
$1,000.00 |
0.00% |
90.00 |
-10.00% |
$1,000.00 |
0.00% |
80.00 |
-20.00% |
$1,000.00 |
0.00% |
70.00 |
-30.00% |
$1,000.00 |
0.00% |
60.00 |
-40.00% |
$1,000.00 |
0.00% |
50.00 |
-50.00% |
$1,000.00 |
0.00% |
40.00 |
-60.00% |
$1,000.00 |
0.00% |
30.00 |
-70.00% |
$1,000.00 |
0.00% |
20.00 |
-80.00% |
$1,000.00 |
0.00% |
10.00 |
-90.00% |
$1,000.00 |
0.00% |
0.00 |
-100.00% |
$1,000.00 |
0.00% |
** per $1,000 principal amount Note
The following examples illustrate how the payments at maturity set
forth in the table above are calculated:
Example 1: The Final Value of the Reference Asset
is 105.00.
Because the Final Value of the Reference Asset
is greater than or equal to the Initial Value, you will receive a payment at maturity of $1,062.50 per $1,000 principal amount Note that
you hold, calculated as follows:
$1,000 + [$1,000 × lesser of (a) Reference
Asset Return of the Reference Asset × Upside Leverage Factor and (b) Maximum Return]
$1,000 + [$1,000 × 5.00% × 1.25] =
$1,062.50
The total return on investment of the Notes is
6.25%.
Example 2: The Final Value of the Reference Asset
is 136.40.
Because the Final Value of the Reference Asset
is greater than or equal to the Initial Value, you will receive a payment at maturity of $1,455.00 per $1,000 principal amount Note that
you hold, calculated as follows:
$1,000 + [$1,000 × lesser of (a) Reference
Asset Return of the Reference Asset × Upside Leverage Factor and (b) Maximum Return]
$1,000 + [$1,000 × 45.50%] = $1,455.00
The total return on investment of the Notes is
45.50%, the maximum possible return on the Notes.
Example 3: The Final Value of the Reference Asset
is 50.00.
Because the Final Value of the Reference Asset
is less than the Initial Value, you will receive a payment at maturity of $1,000.00 per $1,000 principal amount Note that you hold.
The total return on investment of the Notes is
0.00%.
Selected Risk Considerations
An investment in the Notes involves significant
risks. Investing in the Notes is not equivalent to investing directly in the Reference Asset or its components, if any. Some of the risks
that apply to an investment in the Notes are summarized below, but we urge you to read the more detailed explanation of risks relating
to the Notes generally in the “Risk Factors” section of the prospectus supplement. You should not purchase the Notes unless
you understand and can bear the risks of investing in the Notes.
Risks Relating to the Notes Generally
| · | You Will Not Receive any Payments on the Notes Other than the Payment at Maturity — You will
not receive any interest or coupon payments on the Notes or any other payments other than the payment at maturity. If the Final Value
of the Reference Asset is less than its Initial Value, your payment at maturity will be limited to the principal amount of your Notes
and you will not earn any positive return. The return at maturity of the principal amount of your Notes plus any amount in excess thereof
may not compensate you for any loss in value due to inflation and other factors relating to the value of money over time. |
| · | Potential Return Limited to the Maximum Return — If the Reference Asset Return is greater
than 0.00%, you will receive a payment at maturity of $1,000 per $1,000 principal amount Note that you hold plus an additional payment
that will not exceed $1,000 times the Maximum Return. Accordingly, the maximum payment that you may receive at maturity is $1,455.00 per
$1,000 principal amount Note that you hold, and because the Upside Leverage Factor is equal to 1.25, you will not benefit from any appreciation
of the Reference Asset beyond a Reference Asset Return of 36.40%, which may be significant. |
| · | Any Payment on the Notes Will Be Determined Based on the Closing Values of the Reference Asset on the
Dates Specified— Any payment on the Notes will be determined based on the Closing Values of the Reference Asset on the dates
specified. You will not benefit from any more favorable values of the Reference Asset determined at any other time. |
| · | Owning the Notes is Not the Same as Owning a Reference Asset or Any Securities to which a Reference
Asset Provides Exposure — The return on the Notes may not reflect the return you would realize if you actually owned a Reference
Asset or any securities to which a Reference Asset provides exposure. As a holder of the Notes, you will not have voting rights or rights
to receive dividends or other distributions or any other rights that holders of a Reference Asset or any securities to which a Reference
Asset provides exposure may have. |
| · | Tax Treatment — As discussed further below under “Tax Considerations” and in
the accompanying prospectus supplement, if you are a U.S. individual or taxable entity, under our intended treatment of the Notes, you
will be required to accrue interest on a current basis in respect of the Notes over their term based on the comparable yield for the Notes
and pay tax accordingly, even though you will not receive any payments from us until maturity. This comparable yield is determined solely
to calculate the amount on which you will be taxed prior to maturity and is neither a prediction nor a guarantee of what the actual yield
will be. |
Risks Relating to the Issuer
| · | Credit of Issuer — The Notes are unsecured and unsubordinated debt obligations of the Issuer,
Barclays Bank PLC, and are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the Notes,
including any repayment of principal, is subject to the ability of Barclays Bank PLC to satisfy its obligations as they come due and is
not guaranteed by any third party. As a result, the actual and perceived creditworthiness of Barclays Bank PLC may affect the market value
of the Notes, and in the event Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under
the terms of the Notes. |
| · | You May Lose Some or All of Your Investment If Any U.K. Bail-in Power Is Exercised by the Relevant
U.K. Resolution Authority — Notwithstanding and to the exclusion of any other term of the Notes or any other agreements, arrangements
or understandings between Barclays Bank PLC and any holder or beneficial owner of the Notes (or the Trustee on behalf of the holders of
the Notes), by acquiring the Notes, each holder and beneficial owner of the Notes acknowledges, accepts, agrees to be bound by, and consents
to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority as set forth under “Consent to U.K. Bail-in
Power” in this pricing supplement. Accordingly, any U.K. Bail-in Power may be exercised in such a manner as to result in you and
other holders and beneficial owners of the Notes losing all or a part of the value of your investment in the Notes or receiving a different
security from the Notes, which may be worth significantly less than the Notes and which may have significantly fewer protections than
those typically afforded to debt securities. Moreover, the relevant U.K. resolution authority may exercise the U.K. Bail-in Power without
providing any advance notice to, or requiring the consent of, the holders and beneficial owners of the Notes. The exercise of any U.K.
Bail-in Power by the relevant U.K. resolution authority with respect to the Notes will not be a default or an Event of Default (as each
term is defined in the senior debt securities indenture) and the trustee will not be liable for any action that the trustee takes, or
abstains from taking, in either case, in accordance with the exercise of the U.K. Bail-in Power by the relevant U.K. resolution authority
with respect to the Notes. See “Consent to U.K. Bail-in Power” in this pricing supplement as well as “U.K. Bail-in Power,”
“Risk Factors—Risks Relating to the Securities Generally—Regulatory action in the event a bank or investment firm in
the Group is failing or likely to fail, including the exercise by the relevant U.K. resolution authority of a variety of statutory resolution
powers, could materially adversely affect the value of any securities” and “Risk Factors—Risks Relating to the Securities
Generally—Under the terms of the securities, you have agreed to be bound by the exercise of any U.K. Bail-in Power by the relevant
U.K. resolution authority” in the accompanying prospectus supplement. |
Risks Relating to the Reference Asset
| · | Historical Performance of the Reference Asset Should Not Be Taken as Any Indication of the Future Performance
of the Reference Asset Over the Term of the Notes — The value of the Reference Asset has fluctuated in the past and may, in
the future, experience significant fluctuations. The historical performance of the Reference Asset is not an indication of the future
performance of the Reference Asset over the term of the Notes. Therefore, the performance of the Reference Asset over the term of the
Notes may bear no relation or resemblance to the historical performance of the Reference Asset. |
| · | The Reference Asset Reflects the Price Return of the Securities Composing the Reference Asset, Not
the Total Return — The return on the Notes is based on the performance of the Reference Asset, which reflects changes in the
market prices of the securities composing the Reference Asset. The Reference Asset is not a "total return" index that, in addition
to reflecting those price returns, would also reflect dividends paid on the securities composing the Reference Asset. Accordingly, the
return on the Notes will not include such a total return feature. |
| · | Adjustments to the Reference Asset Could Adversely Affect the Value of the Notes — The sponsor
of the Reference Asset may add, delete, substitute or adjust the securities composing the Reference Asset or make other methodological
changes to the Reference Asset that could affect its value. The Calculation Agent will calculate the value to be used as the Closing Value
of the Reference Asset in the event of certain material changes in or modifications to the Reference Asset. In addition, the sponsor of
the Reference Asset may also discontinue or suspend calculation or publication of the Reference Asset at any time. Under these circumstances,
the Calculation Agent may select a successor index that the Calculation Agent determines to be comparable to the Reference Asset or, if
no successor index is available, the Calculation Agent will determine the value to be used as the Closing Value of the Reference Asset.
Any of these actions could adversely affect the value of the Reference Asset and, consequently, the value of the Notes. See “Reference
Assets—Indices—Adjustments Relating to Securities with an Index as a Reference Asset” in the accompanying prospectus
supplement. |
Risks Relating to Conflicts of Interest
| · | We and Our Affiliates May Engage in Various Activities or Make Determinations That Could Materially
Affect the Notes in Various Ways and Create Conflicts of Interest — We and our affiliates play a variety of roles in connection
with the issuance of the Notes, as described below. In performing these roles, our and our affiliates’ economic interests are potentially
adverse to your interests as an investor in the Notes. |
In connection with our normal business
activities and in connection with hedging our obligations under the Notes, we and our affiliates make markets in and trade various financial
instruments or products for our accounts and for the account of our clients and otherwise provide investment banking and other financial
services with respect to these financial instruments and products. These financial instruments and products may include securities, derivative
instruments or assets that may relate to the Reference Asset or its components, if any. In any such market making, trading and hedging
activity, and other financial services, we or our affiliates may take positions or take actions that are inconsistent with, or adverse
to, the investment objectives of the holders of the Notes. We and our affiliates have no obligation to take the needs of any buyer, seller
or holder of the Notes into account in conducting these activities. Such market making, trading and hedging activity, investment banking
and other financial services may negatively impact the value of the Notes.
In addition, the role played by Barclays
Capital Inc., as the agent for the Notes, could present significant conflicts of interest with the role of Barclays Bank PLC, as issuer
of the Notes. For example, Barclays Capital Inc. or its representatives may derive compensation or financial benefit from the distribution
of the Notes and such compensation or financial benefit may serve as incentive to sell the Notes instead of other investments. Furthermore,
we and our affiliates establish the offering price of the Notes for initial sale to the public, and the offering price is not based upon
any independent verification or valuation.
In addition to the activities described
above, we will also act as the Calculation Agent for the Notes. As Calculation Agent, we will determine any values of the Reference Asset
and make any other determinations necessary to calculate any payments on the Notes. In making these determinations, the Calculation Agent
may be required to make discretionary judgements relating to the Reference Asset, including determining whether a market disruption event
has occurred or whether certain adjustments to the Reference Asset or other terms of the Notes are necessary, as further described in
the accompanying prospectus supplement. In making these discretionary judgments, our economic interests are potentially adverse to your
interests as an investor in the Notes, and any of these determinations may adversely affect any payments on the Notes.
Risks Relating to the Estimated Value of
the Notes and the Secondary Market
| · | The Estimated Value of Your Notes is Lower Than the Initial Issue Price of Your Notes — The
estimated value of your Notes on the Initial Valuation Date is lower than the initial issue price of your Notes. The difference between
the initial issue price of your Notes and the estimated value of the Notes is a result of certain factors, such as any sales commissions
to be paid to Barclays Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees (including any
structuring or other distribution related fees) to be allowed or paid to non-affiliated intermediaries, the estimated profit that we or
any of our affiliates expect to earn in connection with structuring the Notes, the estimated cost which we may incur in hedging our obligations
under the Notes, and estimated development and other costs which we may incur in connection with the Notes. |
| · | The Estimated Value of Your Notes Might be Lower if Such Estimated Value Were Based on the Levels at
Which Our Debt Securities Trade in the Secondary Market — The estimated value of your Notes on the Initial Valuation Date is
based on a number of variables, including our internal funding rates. Our internal funding rates may vary from the levels at which our
benchmark debt securities trade in the secondary market. As a result of this difference, the estimated value referenced above might be
lower if such estimated value were based on the levels at which our benchmark debt securities trade in the secondary market. |
| · | The Estimated Value of the Notes is Based on Our Internal Pricing Models, Which May Prove to be Inaccurate
and May be Different from the Pricing Models of Other Financial Institutions — The estimated value of your Notes on the Initial
Valuation Date is based on our internal pricing models, which take into account a number of variables and are based on a number of subjective
assumptions, which may or may not materialize. These variables and assumptions are not evaluated or verified on an independent basis.
Further, our pricing models may be different from other financial institutions’ pricing models and the methodologies used by us
to estimate the value of the Notes may not be consistent with those of other financial institutions which may be purchasers or sellers
of Notes in the secondary market. As a result, the secondary market price of your Notes may be materially different from the estimated
value of the Notes determined by reference to our internal pricing models. |
| · | The Estimated Value of Your Notes Is Not a Prediction of the Prices at Which You May Sell Your Notes
in the Secondary Market, if any, and Such Secondary Market Prices, If Any, Will Likely be Lower Than the Initial Issue Price of Your Notes
and May be Lower Than the Estimated Value of Your Notes — The estimated value of the Notes will not be a prediction of the prices
at which Barclays Capital Inc., other affiliates of ours or third parties may be willing to purchase the Notes from you in secondary market
transactions (if they are willing to purchase, which they are not obligated to do). The price at which you may be able to sell your Notes
in the secondary market at any time will be influenced by many factors that cannot be predicted, such as market conditions, and any bid
and ask spread for similar sized trades, and may be substantially less than our estimated value of the Notes. Further, as secondary market
prices of your Notes take into account the levels at which our debt securities trade in the secondary market, and do not take into account
our various costs related to the Notes such as fees, commissions, discounts, and the costs of hedging our obligations under the Notes,
secondary market prices of your Notes will likely be lower than the initial issue price of your Notes. As a result, the price at which
Barclays Capital Inc., other affiliates of ours or third parties may be willing to purchase the Notes from you in secondary market transactions,
if any, will likely be lower than the price you paid for your Notes, and any sale prior to the Maturity Date could result in a substantial
loss to you. |
| · | The Temporary Price at Which We May Initially Buy The Notes in the Secondary Market And the Value We
May Initially Use for Customer Account Statements, If We Provide Any Customer Account Statements At All, May Not Be Indicative of Future
Prices of Your Notes — Assuming that all relevant factors remain constant after the Initial Valuation Date, the price at which
Barclays Capital Inc. may initially buy or sell the Notes in the secondary market (if Barclays Capital Inc. makes a market in the Notes,
which it is not obligated to do) and the value that we may initially use for customer account statements, if we provide any customer account
statements at all, may exceed our estimated value of the Notes on the Initial Valuation Date, as well as the secondary market value of
the Notes, for a temporary period after the initial Issue Date of the Notes. The price at which Barclays Capital Inc. may initially buy
or sell the Notes in the secondary market and the value that we may initially use for customer account statements may not be indicative
of future prices of your Notes. |
| · | Lack of Liquidity — The Notes will not be listed on any securities exchange. Barclays Capital
Inc. and other affiliates of Barclays Bank PLC intend to make a secondary market for the Notes but are not required to do so, and may
discontinue any such secondary market making at any time, without notice. Barclays Capital Inc. may at any time hold unsold inventory,
which may inhibit the development of a secondary market for the Notes. Even if there is a secondary market, it may not provide enough
liquidity to allow you to trade or sell the Notes easily. Because other dealers are not likely to make a secondary market for the Notes,
the price at which you may be able to trade your Notes is likely to depend on the price, if any, at which Barclays Capital Inc. and other
affiliates of Barclays Bank PLC are willing to buy the Notes. The Notes are not designed to be short-term trading instruments. Accordingly,
you should be willing and able to hold your Notes to maturity. |
| · | Many Economic and Market Factors Will Impact the Value of the Notes — The value of the Notes
will be affected by a number of economic and market factors that interact in complex and unpredictable ways and that may either offset
or magnify each other, including: |
| o | the market price of, dividend rate on and expected volatility of the Reference Asset or the components
of the Reference Asset, if any; |
| o | the time to maturity of the Notes; |
| o | interest and yield rates in the market generally; |
| o | a variety of economic, financial, political, regulatory or judicial events; |
| o | supply and demand for the Notes; and |
| o | our creditworthiness, including actual or anticipated downgrades in our credit ratings. |
Information Regarding the REFERENCE
ASSET
Dow Jones Industrial Average®
The Reference Asset is a price-weighted index
that seeks to measure the performance of 30 U.S. blue-chip companies and covers all industries with the exception of transportation and
utilities. For more information about the Reference Asset, please see “Indices—The Dow Jones Industrial Average®”
in the accompanying underlying supplement.
Historical Performance of the Reference Asset
The graph below sets forth the historical performance
of the Reference Asset based on the daily Closing Value from January 4, 2019 through July 19, 2024. We obtained the Closing Values shown
in the graph below from Bloomberg Professional® service (“Bloomberg”). We have not independently verified the
accuracy or completeness of the information obtained from Bloomberg.
Historical Performance of the Dow Jones Industrial
Average®
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE
RESULTS
TAX CONSIDERATIONS
There is uncertainty regarding the U.S. federal
income tax consequences of an investment in the Notes due to the lack of governing authority. You should review carefully the sections
in the accompanying prospectus supplement entitled “Material U.S. Federal Income Tax Consequences—Tax Consequences to U.S.
Holders—Notes Treated as Indebtedness for U.S. Federal Income Tax Purposes” and, if you are a non-U.S. holder, “—Tax
Consequences to Non-U.S. Holders.” The discussion below applies to you only if you are an initial purchaser of the Notes; if you
are a secondary purchaser of the Notes, the tax consequences to you may be different. In the opinion of our special tax counsel, Davis
Polk & Wardwell LLP, the Notes should be treated as debt instruments for U.S. federal income tax purposes. The remainder of this discussion
assumes that this treatment is correct. The following discussion supersedes the discussion in the accompanying prospectus supplement to
the extent it is inconsistent therewith.
Based on current market conditions, we intend
to treat the Notes as “contingent payment debt instruments” for U.S. federal income tax purposes, as described under “—Contingent
Payment Debt Instruments” in the accompanying prospectus supplement. The remainder of this discussion assumes that this treatment
is correct.
Assuming that our treatment of the Notes as contingent
payment debt instruments is correct, regardless of your method of accounting for U.S. federal income tax purposes, you generally will
be required to accrue taxable interest income in each year on a constant yield to maturity basis at the “comparable yield,”
as determined by us, even though we will not be required to make any payment with respect to the Notes prior to maturity. Upon a sale
or exchange (including redemption at maturity), you generally will recognize taxable income or loss equal to the difference between the
amount received from the sale or exchange and your adjusted tax basis in the Notes. You generally must treat any income as interest income
and any loss as ordinary loss to the extent of previous interest inclusions, and the balance as capital loss. The deductibility of capital
losses is subject to limitations. Special rules may apply if the amount payable at maturity is treated as becoming fixed prior to maturity.
You should consult your tax advisor concerning the application of these rules.
Our intended treatment of the Notes as CPDIs will
be binding on you, unless you properly disclose to the Internal Revenue Service (the “IRS” ) an alternative treatment. Also,
the IRS may challenge the treatment of the Notes as CPDIs. If the IRS successfully challenges the treatment of the Notes as CPDIs, then
the Notes will be treated as debt instruments that are not CPDIs and, would require the accrual of original issue discount as ordinary
interest income based on a yield to maturity higher than the comparable yield. Accordingly, under this treatment, your annual taxable
income from (and adjusted tax basis in) the Notes would be higher than if the Notes were treated as CPDIs, and any loss recognized upon
a disposition of the Notes (including upon maturity) would be capital loss, the deductibility of which is subject to limitations. Accordingly,
this alternative treatment could result in adverse tax consequences to you.
The discussions herein and in the accompanying
prospectus supplement do not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b).
After the original issue date, you may obtain
the comparable yield and the projected payment schedule by requesting them from Barclays Cross Asset Sales Americas, at (212) 528-7198.
Neither the comparable yield nor the projected payment schedule constitutes a representation by us regarding the actual amount that we
will pay on the Notes.
You should consult your tax advisor regarding
the U.S. federal tax consequences of an investment in the Notes, as well as tax consequences arising under the laws of any state, local
or non-U.S. taxing jurisdiction.
Non-U.S. holders. We do not believe that non-U.S.
holders should be required to provide a Form W-8 in order to avoid 30% U.S. withholding tax with respect to the excess (if any) of the
payment at maturity over the face amount of the Notes, although the IRS could challenge this position. However, non-U.S. holders should
in any event expect to be required to provide appropriate Forms W-8 or other documentation in order to establish an exemption from backup
withholding, as described under the heading “—Information Reporting and Backup Withholding” in the accompanying prospectus
supplement. If any withholding is required, we will not be required to pay any additional amounts with respect to amounts withheld.
Treasury regulations under Section 871(m) generally
impose a withholding tax on certain “dividend equivalents” under certain “equity linked instruments.” A recent
IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2027 that do not have a “delta of one”
with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an “Underlying
Security”). Based on our determination that the Notes do not have a “delta of one” within the meaning of the regulations,
our special tax counsel is of the opinion that these regulations should not apply to the Notes with regard to non-U.S. holders. Our determination
is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend
on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. You should
consult your tax advisor regarding the potential application of Section 871(m) to the Notes.
SUPPLEMENTAL PLAN OF DISTRIBUTION
We have agreed to sell to Barclays Capital Inc.
(the “Agent”), and the Agent has agreed to purchase from us, the principal amount of the Notes, and at the price, specified
on the cover of this pricing supplement. The Agent commits to take and pay for all of the Notes, if any are taken. In addition, the Agent
paid (and has been reimbursed by the Issuer for) any additional structuring fees, as may be described on the cover of this pricing supplement.
We expect that delivery of the Notes will be made against payment for
the Notes on the Issue Date, which is more than one business day following the Initial Valuation Date. Notwithstanding anything to the
contrary in the accompanying prospectus supplement, under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the
secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise.
Accordingly, purchasers who wish to trade the Notes on any date prior to one business day before delivery will be required to specify
alternative settlement arrangements to prevent a failed settlement and should consult their own advisor.
VALIDITY OF THE NOTES
In the opinion of Davis Polk & Wardwell LLP,
as special United States products counsel to Barclays Bank PLC, when the Notes offered by this pricing supplement have been executed and
issued by Barclays Bank PLC and authenticated by the trustee pursuant to the indenture, and delivered against payment as contemplated
herein, such Notes will be valid and binding obligations of Barclays Bank PLC, enforceable in accordance with their terms, subject to
applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable
principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and
possible judicial or regulatory actions or application giving effect to governmental actions or foreign laws affecting creditors’
rights, provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision
of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State
of New York. Insofar as this opinion involves matters governed by English law, Davis Polk & Wardwell LLP has relied, with Barclays
Bank PLC’s permission, on the opinion of Davis Polk & Wardwell London LLP, dated as of July 12, 2024, filed as an exhibit to
a report on Form 6-K by Barclays Bank PLC on July 12, 2024, and this opinion is subject to the same assumptions, qualifications and limitations
as set forth in such opinion of Davis Polk & Wardwell London LLP. In addition, this opinion is subject to customary assumptions about
the trustee’s authorization, execution and delivery of the indenture and its authentication of the Notes and the validity, binding
nature and enforceability of the indenture with respect to the trustee, all as stated in the opinion of Davis Polk & Wardwell LLP,
dated July 12, 2024, which has been filed as an exhibit to the report on Form 6-K referred to above.
Exhibit
107.1
Calculation
of Filing Fee Table
F-3
(Form Type)
Barclays
Bank PLC
(Exact Name of Registrant as Specified in its Charter)
Table
1—Newly Registered Securities
|
Security
Type |
Security
Class Title |
Fee
Calculation or Carry Forward Rule |
Amount
Registered |
Proposed
Maximum Offering Price Per Unit |
Maximum
Aggregate Offering Price |
Fee
Rate |
Amount
of Registration Fee |
Fees
to be Paid |
Debt |
Global
Medium-Term Notes, Series A |
457(r) |
285.00 |
$1,000.00 |
$285,000.00 |
0.0001476 |
$42.07 |
The
pricing supplement to which this Exhibit is attached is a final prospectus for the related offering.
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