Published on 4/5/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 phoenix autocallable notes on Enphase
By Kiku Steinfeld
Chicago, April 5 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due Dec. 18, 2025 linked to the stock performance of Enphase Energy Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 22.5% if the stock closes at or above its 50% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if the stock closes at or above its initial level on any quarterly observation date beginning in June 2023.
If the notes are not called and the stock finishes at or above its final barrier price, 50% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline, payable in 30.04808 shares or cash at the option of the issuer.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stock: | Enphase Energy Inc.
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| Amount: | $500,000
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| Maturity: | Dec. 18, 2025
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| Coupon: | 22.5% annualized, payable monthly if stock closes at or above coupon barrier on related observation date
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| Price: | Par of $10,000
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| Payout at maturity: | Par plus final coupon unless underlying stock finishes below final barrier, in which case full exposure to decline from initial level, 30.04808 shares or cash at the option of the issuer
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| Call: | At par plus contingent coupon if underlying stock closes at or above initial level on any quarterly observation date beginning in June 2023
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| Initial level: | $332.80
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| Coupon barrier: | $166.40; 50% of initial level
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| Pricing date: | Dec. 14, 2022
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| Settlement date: | Dec. 19, 2022
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| Agent: | Barclays
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| Fees: | 2%
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| Cusip: | 06741WYD6
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