|
Pricing Supplement dated November 21, 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 |
|
|
$12,000,000
Barrier
Digital Notes Due March 26, 2026
Linked to the Lesser Performing of the Russell 2000® Index and the S&P 500® Index
Global
Medium-Term Notes, Series A |
|
General
| · | Unlike ordinary debt securities, the Notes do not pay interest and do not guarantee the return of the full principal amount at maturity.
Instead, as described below, the Notes offer a fixed return at maturity if, from its Initial Underlier Value to its Final Underlier Value,
the Lesser Performing Underlier appreciates, remains flat or does not decline below its Barrier Value. Investors should be willing to
forgo dividend payments and, if the Final Underlier Value of either Underlier is less than its Barrier Value, be willing to lose a significant
portion or all of their investment at maturity. Investors will be exposed to the market risk of each Underlier and any decline in the
level of one Underlier may negatively affect their return and will not be offset or mitigated by a lesser decline or any potential increase
in the level of the other Underlier. |
| · | Unsecured and unsubordinated obligations of Barclays Bank PLC |
| · | Minimum denominations of $10,000 and integral multiples of $1,000 in excess thereof |
| · | The Notes priced on November 21, 2024 (the “Pricing Date”) and are expected to issue on or about November 26, 2024 (the
“Issue Date”). The Initial Underlier Value of each Underlier is set forth below
and is not the Closing Level of that Underlier on the Pricing Date. |
| Key Terms |
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 |
| Reference Assets*: |
The Russell 2000® Index (the “RTY Index”) and the S&P 500® Index (the “SPX Index”) (each, an “Underlier” and together, the “Underliers”), as set forth in the following table: |
| |
Underliers |
Bloomberg Ticker |
Initial Underlier Value(1) |
Barrier Value(2) |
| |
RTY Index |
RTY<Index> |
2,313.580 |
1,457.555 |
| |
SPX Index |
SPX<Index> |
5,874.20 |
3,700.75 |
| |
(1) The Initial Underlier Value of each Underlier is not the Closing Level of that Underlier on the Pricing Date. |
| |
(2) With respect to each Underlier, 63.00% of its Initial Underlier Value (rounded to three decimal places for the RTY Index and rounded to two decimal places for the SPX Index) |
| Payment at Maturity: |
If the Final Underlier Value of each Underlier is greater than or
equal to its Barrier Value, you will receive a fixed cash payment on the Maturity Date per $1,000 principal amount Note that will
provide a return equal to the Digital Return, calculated as follows:
$1,000 + ($1,000 × Digital Return)
If the Final Underlier Value of the Lesser Performing Underlier
is greater than or equal to its Barrier Value, you will receive the maximum payment at maturity of $1,095.90 per $1,000 principal amount
of Notes regardless of any appreciation of either Underlier, which may be significant, and your return on the Notes will be less than
the Underlier Return of the Lesser Performing Underlier if such Underlier Return is greater than the Digital Return.
If the Final Underlier Value of either Underlier is less than its
Barrier Value, you will lose 1% of the principal amount of your Notes for every 1% that the Final Underlier Value of the Lesser Performing
Underlier is less than its Initial Underlier Value. Under these circumstances, you will receive a cash payment on the Maturity Date per
$1,000 principal amount Note calculated as follows:
$1,000 + ($1,000 × Underlier Return of the
Lesser Performing Underlier)
If the Final Underlier Value of either Underlier is less than
its Barrier Value, the Notes will be fully exposed to the decline in the value of the Lesser Performing Underlier from its Initial Underlier
Value and you will lose a significant portion or all of your investment at maturity. Any payment on the Notes, including any repayment
of principal, 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.
See “Selected Risk Considerations” and “Consent to U.K. Bail-in Power” in this pricing supplement and “Risk
Factors” in the accompanying prospectus supplement. |
| U.K. Bail-in Power Acknowledgment: |
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. |
| Digital Return: |
9.59%. Accordingly, if the Final Underlier Value of each Underlier is greater than or equal to its Barrier Value, you will receive the Digital Return of 9.59%, which entitles you to the maximum payment at maturity of $1,095.90 per $1,000 principal amount Note. |
(Key Terms
continued on the next page)
| |
Initial
Issue Price1,2 |
Price to
Public |
Agent’s
Commission2 |
Proceeds
to Barclays Bank PLC |
| Per Note |
$1,000 |
100% |
0.50% |
99.50% |
| Total |
$12,000,000 |
$12,000,000 |
$60,000 |
$11,940,000 |
| 1 | Our estimated value of the Notes on the Pricing Date, based on our internal pricing models, is $992.70 per $1,000 principal amount
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-15 of this pricing supplement. |
| 2 | J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as placement agents for the Notes. The placement agents will
forgo fees for sales to fiduciary accounts. The total fees represent the amount that the placement agents receive from sales to accounts
other than such fiduciary accounts. The placement agents will receive a fee from the Issuer or one of its affiliates that will not exceed
$5.00 per $1,000 principal amount Note. |
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-9 of this pricing supplement.
We may use this pricing supplement in the initial sale of the Notes.
In addition, Barclays Capital Inc. or any other 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.
 |
JPMorgan
Placement Agent |
(Key Terms continued from previous page)
| Underlier Return: |
With respect to each Underlier, an amount calculated as follows:
Final Underlier Value – Initial Underlier Value
Initial Underlier Value |
Lesser Performing
Underlier: |
The Underlier with the lower Underlier Return |
| Final Underlier Value: |
With respect to each Underlier, the Closing Level of that Underlier on the Final Valuation Date |
| Closing Level*: |
With respect to each Underlier, Closing Level has the meaning set forth under “Reference Assets—Indices—Special Calculation Provisions” in the prospectus supplement. |
| Final Valuation Date†: |
March 23, 2026 |
| Maturity Date†: |
March 26, 2026 |
| Calculation Agent: |
Barclays Bank PLC |
| CUSIP/ISIN: |
06745YPF3 / US06745YPF33 |
| * | If an Underlier is discontinued or if the sponsor of an Underlier fails to publish that Underlier,
the Calculation Agent may select a successor index or, if no successor index is available, will calculate the value to be used as the
Closing Level of that Underlier. In addition, the Calculation Agent will calculate the value to be used as the Closing Level of an Underlier
in the event of certain changes in or modifications to that Underlier. For more information, see “Reference Assets—Indices—Adjustments
Relating to Securities with an Index as a Reference Asset” in the accompanying prospectus supplement. |
| † | The Final Valuation Date may be postponed if the Final Valuation Date is not a scheduled trading day with respect to either Underlier
or if a market disruption event occurs with respect to either Underlier on the Final Valuation Date as described under “Reference
Assets—Indices—Market Disruption Events for Securities with an Index of Equity Securities as a Reference Asset” and
“Reference Assets—Least or Best Performing Reference Asset—Scheduled Trading Days and Market Disruption Events for Securities
Linked to the Reference Asset with the Lowest or Highest Return in a Group of Two or More Equity Securities, Exchange-Traded Funds and/or
Indices of Equity Securities” in the accompanying prospectus supplement. In addition, the Maturity Date will be postponed if that
day is not a business day or if the Final Valuation Date is postponed as described under “Terms of the Notes—Payment Dates”
in the accompanying prospectus supplement. |
Additional Terms Specific to the Notes
You should read this pricing supplement together with the prospectus
dated May 23, 2022, as supplemented by the prospectus supplement dated June 27, 2022 relating to our Global Medium-Term Notes, Series
A, of which these Notes are a part, and the underlying supplement dated June 27, 2022. 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, 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):
Our SEC file number is 1-10257. As used in this pricing supplement,
“we,” “us” and “our” refer 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.
What Is the Total Return on the Notes at Maturity, Assuming a
Range of Performances for the Underliers?
The following table and examples illustrate the hypothetical payment
at maturity and the hypothetical total return on the Notes. The “total return” as used in this pricing supplement 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 table and
examples set forth below assume a hypothetical Initial Underlier Value of 100.00 for each Underlier, a hypothetical Barrier Value of 63.00
for each Underlier (63.00% of its hypothetical Initial Underlier Value) and the Final Underlier Values set forth below. The actual Initial
Underlier Value and Barrier Value for each Underlier are set forth under “Key Terms” above, and the actual Final Underlier
Value for each Underlier will be the Closing Level of the Underlier on the Final Valuation Date. The hypothetical Initial Underlier Value
of 100.00 for each Underlier has been chosen for illustrative purposes only and does not represent the actual Initial Underlier Value
for either Underlier. For historical Closing Levels of each Underlier, see the historical information set forth under the sections titled
“The Russell 2000® Index” and “The S&P 500® Index” below. Each hypothetical
payment at maturity or total return set forth below is for illustrative purposes only and may not be the actual payment at maturity or
total return applicable to a purchaser of the Notes. The numbers appearing in the following table and examples have been rounded for ease
of analysis. The table and examples below do not take into account any tax consequences from investing in the Notes.
Final Underlier Value
of the Lesser Performing
Underlier |
Underlier Return of the
Lesser Performing
Underlier |
Payment at Maturity |
Total Return on Notes |
| 200.00 |
100.00% |
$1,095.90 |
9.59% |
| 190.00 |
90.00% |
$1,095.90 |
9.59% |
| 180.00 |
80.00% |
$1,095.90 |
9.59% |
| 170.00 |
70.00% |
$1,095.90 |
9.59% |
| 160.00 |
60.00% |
$1,095.90 |
9.59% |
| 150.00 |
50.00% |
$1,095.90 |
9.59% |
| 140.00 |
40.00% |
$1,095.90 |
9.59% |
| 130.00 |
30.00% |
$1,095.90 |
9.59% |
| 120.00 |
20.00% |
$1,095.90 |
9.59% |
| 115.00 |
15.00% |
$1,095.90 |
9.59% |
| 110.00 |
10.00% |
$1,095.90 |
9.59% |
| 109.59 |
9.59% |
$1,095.90 |
9.59% |
| 105.00 |
5.00% |
$1,095.90 |
9.59% |
| 100.00 |
0.00% |
$1,095.90 |
9.59% |
| 95.00 |
-5.00% |
$1,095.90 |
9.59% |
| 90.00 |
-10.00% |
$1,095.90 |
9.59% |
| 85.00 |
-15.00% |
$1,095.90 |
9.59% |
| 80.00 |
-20.00% |
$1,095.90 |
9.59% |
| 70.00 |
-30.00% |
$1,095.90 |
9.59% |
| 63.00 |
-37.00% |
$1,095.90 |
9.59% |
| 62.99 |
-37.01% |
$629.90 |
-37.01% |
| 60.00 |
-40.00% |
$600.00 |
-40.00% |
| 50.00 |
-50.00% |
$500.00 |
-50.00% |
| 40.00 |
-60.00% |
$400.00 |
-60.00% |
| 30.00 |
-70.00% |
$300.00 |
-70.00% |
| 20.00 |
-80.00% |
$200.00 |
-80.00% |
| 10.00 |
-90.00% |
$100.00 |
-90.00% |
| 0.00 |
-100.00% |
$0.00 |
-100.00% |
Hypothetical Examples of Amount Payable at Maturity
The following examples illustrate how the payment at maturity and total
return in different hypothetical scenarios are calculated.
Example 1: The Final Underlier Value of the RTY Index is 120.000
and the Final Underlier Value of the SPX Index is 135.00.
Because the RTY Index has the lower Underlier Return, the RTY Index
is the Lesser Performing Underlier. Because the Final Underlier Value of the Lesser Performing Underlier is greater than or equal to its
Barrier Value, the investor receives a payment at maturity of $1,095.90 per $1,000 principal amount Note, calculated as follows:
$1,000 + ($1,000 × Digital Return)
$1,000 + ($1,000 × 9.59%) = $1,095.90
Even though each Underlier appreciated significantly, the total return
on the Notes is limited to the Digital Return of 9.59%.
Example 2: The Final Underlier Value of the RTY Index is 100.000
and the Final Underlier Value of the SPX Index is 90.00.
Because the SPX Index has the lower Underlier Return, the SPX Index
is the Lesser Performing Underlier. Because the Final Underlier Value of the Lesser Performing Underlier is greater than or equal to its
Barrier Value, the investor receives a payment at maturity of $1,095.90 per $1,000 principal amount Note, calculated as follows:
$1,000 + ($1,000 × Digital Return)
$1,000 + ($1,000 × 9.59%) = $1,095.90
Even though the Lesser Performing Underlier depreciated from its Initial
Underlier Value, because the Final Underlier Value of the Lesser Performing Underlier is greater than or equal to its Barrier Value, the
total return on the Notes is equal to the Digital Return of 9.59%.
Example 3: The Final Underlier Value of the RTY Index is 50.000
and the Final Underlier Value of the SPX Index is 85.00.
Because the RTY Index has the lower
Underlier Return, the RTY Index is the Lesser Performing Underlier. Because the Final Underlier Value of the Lesser Performing Underlier
is less than its Barrier Value and the Underlier Return of the Lesser Performing Underlier is -50.00%, the investor receives a payment
at maturity of $500.00 per $1,000 principal amount Note, calculated as follows:
$1,000 + ($1,000 × Underlier Return of the
Lesser Performing Underlier)
$1,000 + ($1,000 × -50.00%) = $500.00
The total return on the Notes is -50.00%.
As this example illustrates, if the
Final Underlier Value of either Underlier is less than its Barrier Value, your investment in the Notes will be fully exposed to the decline
of the Lesser Performing Underlier from its Initial Underlier Value. You will not benefit in any way from the Underlier Return of the
other Underlier being higher than the Underlier Return of the Lesser Performing Underlier.
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 seek a return equal to the Digital Return if the Final Underlier Value of each Underlier is greater than or equal to its Barrier
Value in lieu of full participation in any appreciation of either Underlier. |
| · | You do not anticipate that the Final Underlier Value of either Underlier will be less than its Barrier Value, and you are willing
and able to accept the risk that, if it is, you will lose a significant portion or all of your investment at maturity. |
| · | You understand and accept that any positive return on the Notes will be limited to the Digital Return, and you will not participate
in any percentage increase in the value of either Underlier above the Digital Return, which may be significant. |
| · | You are willing and able to accept the individual market risk of each Underlier and you understand that poor performance by
either Underlier over the term of the Notes may negatively affect your return and will not be offset or mitigated by any positive
performance by the other Underlier. |
| · | You are willing and able to accept the risks associated with an investment linked to the performance of the Underliers, as explained
in more detail in the “Selected Risk Considerations” section of this pricing supplement. |
| · | You understand and accept that you will not be entitled to receive dividends or distributions that may be paid to holders of the securities
composing the Underliers, nor will you have any voting rights with respect to the securities composing the Underliers. |
| · | 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. |
| · | You seek an investment that provides for the full repayment of principal at maturity. |
| · | You anticipate that the Final Underlier Value of either Underlier will be less than its Barrier Value, or you are unwilling or unable
to accept the risk that, if it is, you will lose a significant portion or all of your investment at maturity. |
| · | You seek an investment that provides for participation in any percentage increase in the value of either Underlier above the Digital
Return. |
| · | You are unwilling or unable to accept the individual market risk of each Underlier or the risk that poor performance by either
Underlier over the term of the Notes may negatively affect your return and will not be offset or mitigated by any positive performance
by the other Underlier. |
| · | You are unwilling or unable to accept the risks associated with an investment linked to the performance of the Underliers, as explained
in more detail in the “Selected Risk Considerations” section of this pricing supplement. |
| · | You seek an investment that entitles you to dividends or distributions on, or voting rights related to, the securities composing the
Underliers. |
| · | 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 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 forth in this pricing supplement, the prospectus,
the prospectus supplement and the underlying supplement. Neither the Issuer nor Barclays Capital Inc. makes any recommendation as to the
appropriateness of the Notes for investment.
Tax Consequences
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
Prepaid Forward or Derivative Contracts” and, if you are a non-U.S. holder, “—Tax Consequences to Non-U.S. Holders.”
The following discussion, when read in combination with those sections, constitutes the full opinion of our special tax counsel, Davis
Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the Notes. The following
discussion supersedes the discussion in the accompanying prospectus supplement to the extent it is inconsistent therewith.
Based on current market conditions, in the opinion of our special tax
counsel, it is reasonable to treat the Notes for U.S. federal income tax purposes as prepaid forward contracts with respect to the Underliers.
Assuming this treatment is respected, upon a sale or exchange of the Notes (including redemption at maturity), you should recognize capital
gain or loss equal to the difference between the amount realized on the sale or exchange and your tax basis in the Notes, which should
equal the amount you paid to acquire the Notes. This gain or loss on your Notes should be treated as long-term capital gain or loss if
you hold your Notes for more than a year, whether or not you are an initial purchaser of Notes at the original issue price. However, the
Internal Revenue Service (the “IRS”) or a court may not respect this treatment, in which case the timing and character of
any income or loss on the Notes could be materially and adversely affected. In addition, in 2007 the U.S. Treasury Department and the
IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid forward contracts” and similar
instruments. The notice focuses in particular on whether to require investors in these instruments to accrue income over the term of their
investment. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments;
the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which
income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments
are or should be subject to the “constructive ownership” regime, which very generally can operate to recharacterize certain
long-term capital gain as ordinary income and impose a notional interest charge. While the notice requests comments on appropriate transition
rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially
and adversely affect the tax consequences of an investment in the Notes, possibly with retroactive effect. You should consult your tax
advisor regarding the U.S. federal income tax consequences of an investment in the Notes, including possible alternative treatments and
the issues presented by this notice.
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.
Selected Risk Considerations
An investment in the Notes involves significant risks. Investing in
the Notes is not equivalent to investing directly in the Underliers or any of the securities composing the Underliers. 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 May Lose a Significant Portion or All of Your Principal — The Notes differ from ordinary debt securities in that
the Issuer will not necessarily pay the full principal amount at maturity. If the Final Underlier Value of either Underlier is less than
its Barrier Value, you will lose 1% of the principal amount of your Notes for every 1% that the Final Underlier Value of the Lesser Performing
Underlier is less than its Initial Underlier Value. Accordingly, if the Final Underlier Value of either Underlier is less than its Barrier
Value, the Notes will be fully exposed to the decline in the value of the Lesser Performing Underlier from its Initial Underlier Value,
and you will lose a significant portion or all of your investment at maturity. |
| · | Your Maximum Gain on the Notes Is Limited to the Digital Return — If the Final Underlier Value of the Lesser Performing
Underlier is greater than or equal to its Barrier Value, for each $1,000 principal amount Note, you will receive at maturity $1,000 plus
a predetermined percentage of the principal amount. We refer to this percentage as the Digital Return, which is equal to 9.59%. If the
Final Underlier Value of the Lesser Performing Underlier is greater than or equal to its Barrier Value, you will receive the maximum payment
at maturity of $1,095.90 per $1,000 principal amount Note regardless of any appreciation of either Underlier, which may be significant,
and your return on the Notes will be less than the Underlier Return of the Lesser Performing Underlier if such Underlier Return is greater
than the Digital Return. |
| · | Because the Notes Are Linked to the Lesser Performing Underlier, You Are Exposed to Greater Risk of Sustaining a Significant Loss
on Your Investment at Maturity Than If the Notes Were Linked to a Single Underlier — The risk that you will lose a significant
portion or all of your initial investment in the Notes at maturity is greater if you invest in the Notes as opposed to substantially similar
securities that are linked to the performance of a single Underlier. With two Underliers, it is more likely that the Final Underlier Value
of at least one Underlier will be less than its Barrier Value, and therefore, it is more likely that you will suffer a significant loss
on your investment at maturity. Further, the performance of the Underliers may not be correlated or may be negatively correlated. The
lower the correlation between multiple Underliers, the greater the potential for the Final Underlier Value of one of those Underliers
to be below its Barrier Value. |
It is impossible to predict what the correlation
among the Underliers will be over the term of the Notes. The Underliers represent different equity markets. These different equity markets
may not perform similarly over the term of the Notes.
| · | You Are Exposed to the Market Risk of Each Underlier — Your return on the Notes is not linked to a basket consisting
of the Underliers. Rather, it will be contingent upon the independent performance of each Underlier. Unlike an instrument with a return
linked to a basket of underlying assets in which risk is mitigated and diversified among all the components of the basket, you will be
exposed to the risks related to each Underlier. Poor performance by either Underlier over the term of the Notes may negatively affect
your return and will not be offset or mitigated by any increase or lesser decline in the level of the other Underlier. If the Final Underlier
Value of either Underlier is less than its Barrier Value, you will be fully exposed to the decline of the Lesser Performing Underlier
from its Initial Underlier Value. Accordingly, your investment is subject to the market risk of each Underlier. |
| · | No Interest Payments — As a holder of the Notes, you will not receive interest payments. |
| · | Any Payment on the Notes Will Be Determined Based on the Closing Levels of the Underliers on the Dates Specified — Any
payment on the Notes will be determined based on the Closing Levels of the Underliers on the dates specified. You will not benefit from
any more favorable values of the Underliers determined at any other time. |
| · | Contingent Repayment of Principal Applies Only at Maturity — You should be willing to hold your Notes to maturity. If
you sell your Notes prior to maturity in the secondary market, if any, you may have to sell your Notes at a loss relative to your initial
investment even if at that time the value of each Underlier is greater than or equal to its Barrier Value. See “—Risks Relating
to the Estimated Value of the Notes and the Secondary Market—Many Economic and Market Factors Will Impact the Value of the Notes”
below. |
| · | Owning the Notes Is Not the Same as Owning the Securities Composing the Underliers — The return on your Notes may not
reflect the return you would realize if you actually owned the securities composing the Underliers. As a holder of the Notes, you will
not have voting rights, rights to receive cash dividends or any other distributions or other rights that holders of the securities composing
the Underliers would have. |
| · | The U.S. Federal Income Tax Consequences of an Investment in the Notes Are Uncertain — There is no direct legal authority
regarding the proper U.S. federal income tax treatment of the Notes, and we do not plan to request a ruling from the IRS. Consequently,
significant aspects of the tax treatment of the Notes are uncertain, and the IRS or a court might not agree with the treatment of the
Notes as prepaid forward contracts, as described above under “Tax Consequences.” If the IRS were |
successful in asserting an alternative
treatment for the Notes, the tax consequences of the ownership and disposition of the Notes could be materially and adversely affected.
In addition, in 2007 the Treasury Department
and the IRS released a notice requesting comments on various issues regarding the U.S. federal income tax treatment of “prepaid
forward contracts” and similar instruments. Any Treasury regulations or other guidance promulgated after consideration of these
issues could materially and adversely affect the tax consequences of an investment in the Notes, possibly with retroactive effect. You
should review carefully the sections of the accompanying prospectus supplement entitled “Material U.S. Federal Income Tax Consequences—Tax
Consequences to U.S. Holders—Notes Treated as Prepaid Forward or Derivative Contracts” and, if you are a non-U.S. holder,
“—Tax Consequences to Non-U.S. Holders,” and consult your tax advisor regarding the U.S. federal tax consequences of
an investment in the Notes (including possible alternative treatments and the issues presented by the 2007 notice), as well as tax consequences
arising under the laws of any state, local or non-U.S. taxing jurisdiction.
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 might not receive any amount 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 Underliers
| · | Each Underlier Reflects the Price Return of the Securities Composing That Underlier, Not the Total Return — The return
on the Notes is based on the performance of the Underliers, which reflects changes in the market prices of the securities composing each
Underlier. Each Underlier is not a “total return” index that, in addition to reflecting those price returns, would also reflect
dividends paid on the securities composing that Underlier. Accordingly, the return on the Notes will not include such a total return feature. |
| · | Adjustments to the Underliers Could Adversely Affect the Value of the Notes — The sponsor of an Underlier may add, delete,
substitute or adjust the securities composing that Underlier or make other methodological changes to that Underlier that could affect
its performance. The Calculation Agent will calculate the value to be used as the Closing Level of an Underlier in the event of certain
material changes in or modifications to that Underlier. In addition, the sponsor of an Underlier may also discontinue or suspend calculation
or publication of that Underlier at any time. Under these circumstances, the Calculation Agent may select a successor index that the Calculation
Agent determines to be comparable to the discontinued Underlier or, if no successor index is available, the Calculation Agent will determine
the value to be used as the Closing Level of that Underlier. Any of these actions could adversely affect the value of the relevant Underlier
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. |
| · | The Notes Are Subject to Small-Capitalization Companies Risk with Respect to the RTY Index — The RTY Index tracks companies
that are considered small-capitalization companies. These companies often have greater stock price volatility, lower trading volume and
less liquidity than large-capitalization companies, and therefore notes linked to the RTY |
Index may be more volatile than an investment
linked to an index with component stocks issued by large-capitalization companies. Stock prices of small-capitalization companies are
also more vulnerable than those of large-capitalization companies to adverse business and economic developments. In addition, small-capitalization
companies are typically less stable financially than large-capitalization companies and may depend on a small number of key personnel,
making them more vulnerable to loss of personnel. Small-capitalization companies are often subject to less analyst coverage and may be
in early, and less predictable, periods of their corporate existences. Such companies tend to have smaller revenues, less diverse product
lines, smaller shares of their product or service markets, fewer financial resources and less competitive strengths than large-capitalization
companies and are more susceptible to adverse developments related to their products.
Risks Relating to Conflicts of Interest
| · | We and Our Affiliates May Engage in Various Activities or Make Determinations That Could Materially Affect Your 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 Underliers or their components. In any such market making, trading and hedging activity,
investment banking 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 an 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 Underliers and make any other determinations
necessary to calculate any payments on the Notes. In making these determinations, we may be required to make discretionary judgments,
including determining whether a market disruption event has occurred on any date that the value of an Underlier is to be determined; if
an Underlier is discontinued or if the sponsor of an Underlier fails to publish that Underlier, selecting a successor index or, if no
successor index is available, determining any value necessary to calculate any payments on the Notes; and calculating the value of an
Underlier on any date of determination in the event of certain changes in or modifications to that Underlier. 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
| · | 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 able and willing
to hold your Notes to maturity. |
| · | Many Economic and Market Factors Will Impact the Value of the Notes — In addition to the value of the Underliers on any
day, the value of the Notes will be affected by a number of economic and market factors that may either offset or magnify each other,
including: |
| o | the expected volatility of the Underliers and the securities composing the Underliers; |
| o | correlation (or lack of correlation) of the Underliers; |
| o | the time to maturity of the Notes; |
| o | the dividend rates on the securities composing the Underliers; |
| o | interest and yield rates in the market generally; |
| o | supply and demand for the Notes; |
| o | a variety of economic, financial, political, regulatory and judicial events; and |
| o | our creditworthiness, including actual or anticipated downgrades in our credit ratings. |
| · | The Estimated Value of Your Notes Is Lower Than the Initial Issue Price of Your Notes — The estimated value of your Notes
on the Pricing 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 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 that
we may incur in hedging our obligations under the Notes, and estimated development and other costs that 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 Pricing 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 Pricing 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 that 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 Pricing 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 Pricing 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. |
The Russell 2000® Index
The RTY Index measures the capitalization-weighted price performance
of 2,000 U.S. small-capitalization stocks listed on eligible U.S. exchanges and is designed to track the performance of the small-capitalization
segment of the U.S. equity market. For more information about the RTY Index, see “Indices—The Russell Indices” in the
accompanying underlying supplement.
Historical Information
The graph below sets forth the historical performance of the RTY Index
from January 2, 2019 to November 21, 2024, based on the daily Closing Levels of the RTY Index. The Closing Level of the RTY Index on November
21, 2024 was 2,364.018. The Initial Underlier Value of the RTY Index is 2,313.580 and is not the Closing Level of the RTY Index on the
Pricing Date.
We obtained the Closing Levels of the RTY Index from Bloomberg Professional®
service (“Bloomberg”), without independent verification. Historical performance of the RTY Index should not be taken as an
indication of future performance. Future performance of the RTY Index may differ significantly from historical performance, and no assurance
can be given as to the Closing Level of the RTY Index during the term of the Notes, including on the Final Valuation Date. We cannot give
you assurance that the performance of the RTY Index will not result in a loss on your initial investment.
* The dotted line indicates the Barrier Value for the RTY Index of
63.00% of its Initial Underlier Value.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE
RESULTS.
The S&P 500® Index
The SPX Index consists of stocks of 500 companies selected to provide
a performance benchmark for the U.S. equity markets. For more information about the SPX Index, see “Indices—The S&P U.S.
Indices” in the accompanying underlying supplement.
Historical Information
The graph below sets forth the historical performance of the SPX Index
from January 2, 2019 to November 21, 2024, based on the daily Closing Levels of the SPX Index. The Closing Level of the SPX Index on November
21, 2024 was 5,948.71. The Initial Underlier Value of the SPX Index is 5,874.20 and is not the Closing Level of the SPX Index on the Pricing
Date.
We obtained the Closing Levels of the SPX Index from Bloomberg, without
independent verification. Historical performance of the SPX Index should not be taken as an indication of future performance. Future performance
of the SPX Index may differ significantly from historical performance, and no assurance can be given as to the Closing Level of the SPX
Index during the term of the Notes, including on the Final Valuation Date. We cannot give you assurance that the performance of the SPX
Index will not result in a loss on your initial investment.
* The dotted line indicates the Barrier Value for the SPX Index of
63.00% of its Initial Underlier Value.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE
RESULTS.
Certain Employee Retirement Income Security Act Considerations
Your purchase of a Note in an Individual Retirement Account (an “IRA”)
will be deemed to be a representation and warranty by you, as a fiduciary of the IRA and also on behalf of the IRA, that (i) neither the
Issuer, the placement agent nor any of their respective affiliates has or exercises any discretionary authority or control or acts in
a fiduciary capacity with respect to the IRA assets used to purchase the Note or renders investment advice (within the meaning of Section
3(21)(A)(ii) of the Employee Retirement Income Security Act (“ERISA”)) with respect to any such IRA assets and (ii) in connection
with the purchase of the Note, the IRA will pay no more than “adequate consideration” (within the meaning of Section 408(b)(17)
of ERISA) and in connection with any redemption of the Note pursuant to its terms will receive at least adequate consideration, and, in
making the foregoing representations and warranties, you have (x) applied sound business principles in determining whether fair market
value will be paid, and (y) made such determination acting in good faith.
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 Pricing Date is based on our internal funding rates.
Our estimated value of the Notes might 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 Pricing 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 results
from 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 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 that we may incur in hedging our obligations under the Notes,
and estimated development and other costs that we may incur in connection with the Notes.
Our estimated value on the Pricing 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 Pricing
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 Pricing Date for a temporary period expected to be approximately six months after the initial Issue Date of the Notes 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 that 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 that 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-9 of this pricing supplement.
Supplemental Plan of Distribution
J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as
placement agents for the Notes pursuant to separate placement agency agreements with the Issuer. The placement agents will forgo fees
for sales to fiduciary accounts. The placement agents will receive a fee from the Issuer or one of its affiliates per Note as specified
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 Pricing Date. Notwithstanding anything to the contrary
in the accompanying prospectus supplement, under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, effective May 28, 2024,
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) |
12,000 |
$1,000 |
$12,000,000 |
0.0001531 |
$1,837.20 |
The
pricing supplement to which this Exhibit is attached is a final prospectus for the related offering.
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