Barclays Notes Linked to Micron Stock

TL;DR

Barclays selling notes tied to MU stock, payout depends on MU price at maturity.

AI Summary

Barclays Bank PLC is issuing Autocallable Fixed Coupon Notes due April 10, 2028, linked to the common stock of Micron Technology, Inc. The notes have an initial valuation date of April 7, 2026, and a maturity date of April 10, 2028. The payment at maturity depends on the Final Value of Micron's stock relative to a Barrier Value, with a minimum denomination of $1,000.

Why It Matters

This filing details a structured financial product where investors' returns are tied to the performance of Micron Technology's stock, offering a specific payout structure based on its price at maturity.

Risk Assessment

Risk Level: medium — The risk level is medium due to the notes being linked to the volatility of a specific stock (Micron Technology) and having a barrier value that could lead to principal loss.

Key Numbers

• $1,000 — Principal Amount (Minimum denomination and base for payment calculations.)
• April 10, 2028 — Maturity Date (Final date for note settlement.)
• April 7, 2026 — Initial Valuation Date (Date used to set initial reference asset price.)

Key Players & Entities

• Barclays Bank PLC (company) — Issuer of the notes
• Micron Technology, Inc. (company) — Reference asset for the notes
• April 10, 2028 (date) — Maturity date of the notes
• $1,000 (dollar_amount) — Minimum denomination and principal amount per note
• April 7, 2026 (date) — Initial Valuation Date

FAQ

Key Financial Figures

• $1,000 — enominations: Minimum denomination of $1,000, and integral multiples of $1,000 in ex
• $994.00 — -based advisory accounts may be between $994.00 and $1,000 per Note. Investors that hol
• $952.40 — icing models, is expected to be between $952.40 and $1,002.40 per Note. The estimated v
• $1,002.40 — , is expected to be between $952.40 and $1,002.40 per Note. The estimated value is expect
• $6.00 — ve commissions from the Issuer of up to $6.00 per $1,000 principal amount Note. Barcl
• $14.417 — l Settlement Date. Coupon Payments: $14.417 per $1,000 principal amount Note, which
• $366 — matic Call occurs. Initial Value:** $366.24, the Closing Value of the Reference
• $183 — of the Initial Value Barrier Value: $183.12, 50.00% of the Initial Value (rounde
• $1,014.417 B — $1,000 principal amount Note) 1 No $1,014.417 Because the Closing Value of the Referenc

Filing Documents

• form424b2.htm (424B2) — 175KB
• image_001.jpg (GRAPHIC) — 15KB
• image_002.jpg (GRAPHIC) — 61KB
• 0001918704-26-009515.txt ( ) — 274KB

From the Filing

424B2 The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying prospectus and prospectus supplement do not constitute an offer to sell these Notes, and we are not soliciting an offer to buy these Notes in any state where the offer or sale is not permitted. Subject to Completion Amendment No, 1 dated April 6, 2026 to the Preliminary Pricing Supplement dated April 6, 2026 Preliminary Pricing Supplement (To the Prospectus dated May 15, 2025 and the Prospectus Supplement dated May 15, 2025) Filed Pursuant to Rule 424(b)(2) Registration No. 333-287303 $[] Autocallable Fixed Coupon Notes due April 10, 2028 Linked to the Common Stock of Micron Technology, Inc. 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: April 7, 2026 Issue Date: April 10, 2026 Final Valuation Date:* April 7, 2028 Maturity Date:* April 10, 2028 Reference Asset: The Common Stock of Micron Technology, Inc. (Bloomberg ticker symbol "MU UW <Equity>") Payment at Maturity: If the Notes are not redeemed prior to scheduled maturity, and 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 (in each case, in addition to the final Coupon Payment payable on such date) determined as follows: If the Final Value of the Reference Asset is greater than or equal to the Barrier Value, you will receive a payment of $1,000 per $1,000 principal amount Note. If the Final Value of the Reference Asset is less than the Barrier Value, you will receive an amount per $1,000 principal amount Note calculated as follows: $1,000 + [$1,000 Reference Asset Return of the Reference Asset] If the Notes are not redeemed prior to scheduled maturity, and if the Final Value of the Reference Asset is less than the Barrier Value, your Notes will be fully exposed to the decline of the Reference Asset from the Initial Value. You may lose up to 100.00% of the principal amount of your Notes at maturity (not including the Coupon Payments on the Notes). 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. 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 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 "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 Per Note $1,000 100.00% 0.60% 99.40% Total $[] $[] $[] $[] (1) Because dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all selling concessions, fees or commissions, the public offering price for investors purchasing the Notes in such fee-based advisory accounts may be between $994.00 and $1,000 per Note. 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. (2) Our estimated value of the Notes on the Initial Valuation Date, based on our internal pricing models, is expected to be between $952.40 and $1,002.40 per Note. The estimated value is expected to be 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. (3) Barclays Capital Inc. will receive commissions from the Issuer of up to $6.00 per $1,000 principal amount Note. Barclays Capi