Published on 12/16/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.48 million trigger autocallable contingent yield notes on S&P, Stoxx
By William Gullotti
Buffalo, N.Y., Dec. 16 – Barclays Bank plc priced $1.48 million of trigger autocallable contingent yield notes due Dec. 16, 2032 linked to the performance of the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.38% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be redeemed at par plus the coupon if each index closes at or above initial level on any quarterly observation date after one year.
The payout at maturity will be par plus the coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above its 60% downside threshold, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Barclays and UBS Financial Services Inc. are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | Euro Stoxx 50 index, S&P 500 index
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Amount: | $1,476,680
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Maturity: | Dec. 16, 2032
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Coupon: | 10.38% annual rate, payable quarterly if each index closes at or above coupon barrier on observation date
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Price: | Par of $10
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Payout at maturity: | Par plus the coupon if each index finishes at or above coupon barrier; if worst performer finishes below coupon barrier but not below downside threshold, par; otherwise, 1% loss for each 1% decline of the worse performing index from initial level
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Call: | At par plus the coupon if each index closes at or above initial level on any quarterly observation date after one year
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Initial levels: | 3,921.82 for Stoxx, 3,990.56 for S&P
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Coupon barriers: | 2,745.27 for Stoxx, 2,793.39 for S&P; 70% of initial levels
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Downside thresholds: | 2,353.09 for Stoxx, 2,394.34 for S&P; 60% of initial levels
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Pricing date: | Dec. 12
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Settlement date: | Dec. 15
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Agents: | Barclays and UBS Financial Services Inc.
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Fees: | None
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Cusip: | 06748C271
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