Barclays Barrier Notes: 15% Upside, Significant Downside Risk

TL;DR

Barclays Barrier Notes offer a fixed 15% return if indices stay above a 70% barrier, but risk total principal loss if they fall below.

AI Summary

Barclays Bank PLC is offering Barrier Digital Notes due November 4, 2027, linked to the performance of the Nasdaq-100 Index, Russell 2000 Index, and S&P 500 Index. These notes offer a fixed return of 15.00% if the least performing index does not fall below its barrier value of 70% of its initial value. However, if the least performing index falls below its barrier value, investors may lose a significant portion or all of their principal.

Why It Matters

This filing details a structured product from Barclays Bank PLC that offers a capped upside return with substantial principal risk if underlying indices decline. Investors need to understand the trade-off between potential fixed gains and the possibility of losing their entire investment.

Risk Assessment

Risk Level: high — The notes carry a high risk due to the potential for complete loss of principal if the least performing underlier's value falls below its barrier value. Additionally, investors consent to the exercise of U.K. Bail-in Powers by the relevant U.K. resolution authority, which could result in a write-down or conversion of the notes.

Analyst Insight

Investors should carefully assess their risk tolerance and understand that these notes are not suitable for those seeking principal protection. Consultation with a financial advisor is recommended.

Key Numbers

• 15.00% — Digital Percentage (Fixed return if conditions met)
• 70.00% — Barrier Value (Level below which principal is at risk)
• November 4, 2027 — Maturity Date (Date of principal and potential return payment)
• $1,000 — Minimum Denomination (Minimum investment amount)

Key Players & Entities

• Barclays Bank PLC (company) — Issuer
• Nasdaq-100 Index (company) — Reference Asset
• Russell 2000 Index (company) — Reference Asset
• S&P 500 Index (company) — Reference Asset
• Barclays Capital Inc. (company) — Underwriter/Agent
• 15.00% (dollar_amount) — Digital Percentage (potential fixed return)
• 70.00% (dollar_amount) — Barrier Value percentage
• $1,000 (dollar_amount) — Principal amount per Note

FAQ

Risk Factors

• No Interest or Principal Guarantee [high — financial]: The notes do not pay interest and do not guarantee the return of the full principal amount at maturity, exposing investors to potential loss.
• Risk of Principal Loss [high — financial]: Investors may lose a significant portion or all of their principal if the least performing underlier falls below its barrier value of 70% of its initial value.
• Least Performing Underlier Risk [high — market]: The return is linked to the least performing of the three underliers, meaning a decline in one index can negatively impact the investment even if others perform well.
• Issuer Credit Risk [medium — financial]: Payments on the notes are subject to the creditworthiness of Barclays Bank PLC and are not guaranteed by any third party.
• U.K. Bail-in Power [high — regulatory]: Investors consent to the exercise of U.K. Bail-in Power by the relevant U.K. resolution authority, which could result in the notes being written down or converted to equity.

Industry Context

The offering of Barrier Digital Notes linked to major equity indices (Nasdaq-100, Russell 2000, S&P 500) positions this product within the structured products market. It caters to investors seeking defined returns with conditional principal protection and exposure to broad market performance, but also entails significant risks tied to market movements and issuer creditworthiness.

Regulatory Implications

This is a 424(b)(2) filing, indicating a registered offering of securities. A key regulatory implication is the explicit consent required from investors to the U.K. Bail-in Power, which grants the U.K. resolution authority the ability to intervene in Barclays Bank PLC's liabilities, potentially impacting noteholders.

What Investors Should Do

1. Assess the risk of losing a significant portion or all of the principal if the least performing underlying index falls below 70% of its initial value.
2. Understand that the fixed return of 15.00% is conditional on the least performing index staying at or above its barrier value.
3. Be aware of the credit risk associated with Barclays Bank PLC and the potential impact of the U.K. Bail-in Power on the notes.
4. Recognize that the notes do not pay interest and forgo dividend payments from the underlying indices.
5. Consider the exposure to market risk from all three indices, as the performance of the least performing index dictates the return.

Key Dates

• 2026-04-01: Preliminary Pricing Supplement dated — Indicates the initial publication date of the preliminary offering document.
• 2025-05-15: Prospectus, Prospectus Supplement, and Underlying Supplement dated — Reference dates for the foundational legal documents governing the offering.
• 2026-04-30: Initial Valuation Date — The date on which the initial values of the underlying indices are determined.
• 2026-05-05: Issue Date — The date when the Barrier Digital Notes are officially issued.
• 2027-11-01: Final Valuation Date — The date on which the final values of the underlying indices are determined to calculate the payment at maturity.
• 2027-11-04: Maturity Date — The date when the principal and any potential return payment are due to investors.

Glossary

Issuer

Barclays Bank PLC, the entity offering the Barrier Digital Notes. (Identifies the counterparty risk for the notes.)

Denominations

Minimum denomination of $1,000, and integral multiples of $1,000 in excess thereof. (Specifies the minimum investment amount for the notes.)

Underlier

The Nasdaq-100 Index, Russell 2000 Index, and S&P 500 Index, which are the reference assets whose performance determines the return on the notes. (These indices are the market benchmarks to which the notes' performance is linked.)

Initial Underlier Value

With respect to each Underlier, the Closing Value of that Underlier on the Initial Valuation Date. (This is the baseline value for each index from which performance is measured.)

Barrier Value

With respect to each Underlier, 70.00% of its Initial Underlier Value (rounded to two decimal places). (This threshold determines whether investors receive the fixed return or are exposed to principal loss.)

Digital Percentage

15.00%, representing the fixed return percentage applied to the principal if the least performing underlier meets the conditions. (This is the potential fixed return offered by the notes.)

Underlier Return

Calculated as (Final Underlier Value – Initial Underlier Value) / Initial Underlier Value, measuring the percentage change in an underlier's value. (Used to determine the payment at maturity if the least performing underlier falls below its barrier value.)

U.K. Bail-in Power

A regulatory power allowing the relevant U.K. resolution authority to write down or convert certain liabilities of Barclays Bank PLC into equity, affecting noteholders. (This power introduces a significant regulatory risk for investors in the notes.)

Key Financial Figures

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• $1,150.00 — Principal Amount Note 200.00 100.00% $1,150.00 190.00 90.00% $1,150.00 180.00 8
• $699.90 — 0 -30.00% $1,150.00 69.99 -30.01% $699.90 60.00 -40.00% $600.00 50.00 -50.
• $600.00 — .99 -30.01% $699.90 60.00 -40.00% $600.00 50.00 -50.00% $500.00 40.00 -60.
• $500.00 — .00 -40.00% $600.00 50.00 -50.00% $500.00 40.00 -60.00% $400.00 30.00 -70.
• $400.00 — .00 -50.00% $500.00 40.00 -60.00% $400.00 30.00 -70.00% $300.00 20.00 -80.
• $300.00 — .00 -60.00% $400.00 30.00 -70.00% $300.00 20.00 -80.00% $200.00 10.00 -90.
• $200.00 — .00 -70.00% $300.00 20.00 -80.00% $200.00 10.00 -90.00% $100.00 0.00 -100.
• $100.00 — .00 -80.00% $200.00 10.00 -90.00% $100.00 0.00 -100.00% $0.00 The following
• $0.00 — .00 -90.00% $100.00 0.00 -100.00% $0.00 The following examples illustrate how

Filing Documents

• dp244677_424b2-8698barc.htm (424B2) — 138KB
• image_001.jpg (GRAPHIC) — 2KB
• image_002.jpg (GRAPHIC) — 3KB
• image_003.jpg (GRAPHIC) — 26KB
• image_004.jpg (GRAPHIC) — 27KB
• image_005.jpg (GRAPHIC) — 30KB
• 0000950103-26-005163.txt ( ) — 262KB

From the Filing

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying prospectus, prospectus supplement and underlying supplement do not constitute an offer to sell the Notes and we are not soliciting an offer to buy the Notes in any state where the offer or sale is not permitted. Subject to Completion Preliminary Pricing Supplement dated April 1, 2026 Pricing Supplement dated April , 2026 (To the Prospectus dated May 15, 2025, the Prospectus Supplement dated May 15, 2025 and the Underlying Supplement dated May 15, 2025) Filed Pursuant to Rule 424(b)(2) Registration No. 333-287303 $ Barrier Digital Notes due November 4, 2027 Linked to the Least Performing of the Nasdaq-100 Index &reg; , the Russell 2000 &reg; Index and the S&P 500 &reg; Index Global Medium-Term Notes , Series A 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 Least 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 any 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 value 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 values of the other Underliers. KEY TERMS* Issuer: Barclays Bank PLC Denominations: Minimum denomination of $1,000, and integral multiples of $1,000 in excess thereof Initial Valuation Date: &dagger; April 30, 2026 Final Valuation Date: &dagger; November 1, 2027 Issue Date: May 5, 2026 Maturity Date: &dagger; November 4, 2027 Reference Assets: The Nasdaq-100 Index &reg; (the &ldquo;NDX Index&rdquo;), the Russell 2000 &reg; Index (the &ldquo;RTY Index&rdquo;) and the S&P 500 &reg; Index (the &ldquo;SPX Index&rdquo;) (each, an &ldquo;Underlier&rdquo; and together, the &ldquo;Underliers&rdquo;), as set forth in the following table: Underliers Bloomberg Ticker Initial Underlier Value (1) Barrier Value (2) NDX Index NDX<Index> RTY Index RTY<Index> SPX Index SPX<Index> (1) With respect to each Underlier, the Closing Value of that Underlier on the Initial Valuation Date (2) With respect to each Underlier, 70.00% of its Initial Underlier Value (rounded to two decimal places) Payment at Maturity: You will receive on the Maturity Date a cash payment per $1,000 principal amount Note determined as follows: &sect; If the Final Underlier Value of the Least Performing Underlier is greater than or equal to its Barrier Value, you will receive a payment per $1,000 principal amount Note calculated as follows: $1,000 + ($1,000 &times; Digital Percentage) &sect; If the Final Underlier Value of the Least Performing Underlier is less than its Barrier Value, you will receive an amount per $1,000 principal amount Note calculated as follows: $1,000 + ($1,000 &times; Underlier Return of the Least Performing Underlier) If the Final Underlier Value of any Underlier is less than its Barrier Value, your Notes will be fully exposed to the decline of the Least 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 &ldquo;Selected Risk Considerations&rdquo; and &ldquo;Consent to U.K. Bail-in Power&rdquo; in this pricing supplement and &ldquo;Risk Factors&rdquo; in the accompanying prospectus supplement. 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 or 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 &ldquo;Consent to U.K. Bail-in Power&rdquo; on page PS-4 of this pricing supplement. Digital Percentage: 15.00% Underlier Return: With respect to each Underlier, an amount calculated as follows: Final Underlier Value &ndash; Initial Underlier Value Initial Underlier Value ( Terms of the Notes continue on the next