Published on 10/3/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $135,000 phoenix autocallable notes on car stocks
By Kiku Steinfeld
Chicago, Oct. 3 – Barclays Bank plc priced $135,000 of phoenix autocallable notes due Feb. 19, 2025 linked to the least performing of the stocks of Ford Motor Co., General Motors Co. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 20% if each stock closes at or above its 55% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each stock closes at or above 100% of its initial level on any monthly call observation date after three months.
The payout at maturity will be par unless any stock finishes below 55% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Ford Motor Co., General Motors Co. and Tesla, Inc.
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| Amount: | $135,000
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| Maturity: | Feb. 19, 2025
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| Coupon: | 20% annualized, payable monthly if each stock 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 any stock finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing stock
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| Call: | At par plus contingent coupon if each stock closes at or above 100% of its initial level on any monthly call observation date after three months
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| Initial levels: | $17.46 for Ford, $875.76 for GM, $48.40 for Tesla
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| Coupon barriers: | $9.60 for Ford, $481.67 for GM, $26.62 for Tesla; 55% of initial levels
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| Final barriers: | $9.60 for Ford, $481.67 for GM, $26.62 for Tesla; 55% of initial levels
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| Pricing date: | Feb. 14
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| Settlement date: | Feb. 17
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| Agent: | Barclays
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| Fees: | 4%
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| Cusip: | 06748XCP4
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