Published on 9/12/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $450,000 phoenix autocallables linked to S&P, Nasdaq, Dow
By Angela McDaniels
Tacoma, Wash., Sept. 12 – Barclays Bank plc priced $450,000 of phoenix autocallable notes due March 5, 2026 linked to the S&P 500 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 10.15% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that month.
Beginning in September 2023, the notes will be called at par if the indexes close at or above their initial levels on any quarterly call observation date.
The payout at maturity will be par unless any index finishes below 60% of its initial level, in which case investors will be fully exposed to the losses of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $450,000
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| Maturity: | March 5, 2026
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| Coupon: | 10.15% per year, payable monthly if each index closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless least performing index finishes below barrier level, in which case full exposure to loss of least performing index
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| Call: | At par if each index closes at or above initial level on any quarterly call observation date after one year
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| Initial levels: | 4,030.61 for S&P, 12,484.32 for Nasdaq and 32,098.99 for Dow
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| Coupon barrier levels: | 2,821.43 for S&P, 8,739.02 for Nasdaq and 22,469.29 for Dow, or 70% of initial levels
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| Barrier levels: | 2,418.37 for S&P, 7,490.59 for Nasdaq and 19,259.39 for Dow, or 60% of initial levels
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| Pricing date: | Sept. 1, 2022
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| Settlement date: | Sept. 7, 2022
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| Agent: | Barclays
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| Fees: | 0.7%
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| Cusip: | 06748XRH6
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