Published on 4/12/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million phoenix autocallable notes on indexes, ETF
By Kiku Steinfeld
Chicago, April 12 – Barclays Bank plc priced $2.5 million of phoenix autocallable notes due July 17, 2026 linked to the least performing of the Technology Select Sector SPDR Fund, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11% if each underlier closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each underlier closes at or above its initial level on any quarterly call observation date after three months.
The payout at maturity will be par plus the final coupon if each underlier finishes at or above its 70% final barrier.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Technology Select Sector SPDR Fund, Russell 2000 index, S&P 500 index
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| Amount: | $2.5 million
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| Maturity: | July 17, 2026
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| Coupon: | 11% annualized, payable monthly if each underlier closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each underlier finishes at or above its final barrier; otherwise, 1% loss for each 1% decline of the worst performer from initial level
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| Call: | Automatically at par plus contingent coupon if each underlier closes at or above initial level on any quarterly call observation date after three months
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| Initial levels: | 1,931.090 for Russell, 4,505.42 for S&P, $175.99 for ETF
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| Coupon barriers: | 1,351.76 for Russell, 3,153.79 for S&P, $123.19 for ETF; 70% of initial levels
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| Final barriers: | 1,294.95 for Russell, 3,064.89 for S&P, $111.12 for ETF; 70% of initial levels
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| Pricing date: | July 14, 2023
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| Settlement date: | July 19, 2023
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06745MRP5
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