Published on 7/21/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.16 million phoenix autocallable notes tied to Tesla, Ford, GM
By William Gullotti
Buffalo, N.Y., July 21 – Barclays Bank plc priced $1.16 million of phoenix autocallable notes due July 10, 2026 linked to the least performing of the stocks of Tesla, Inc., Ford Motor Co. and General Motors Co., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 30% if each stock closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if each stock closes at or above its initial level on any monthly call observation date after three months.
If the notes are not called and each stock finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its 50% barrier level, the payout will be par. Otherwise, investors will be fully exposed to the 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 stocks: | Tesla, Inc., Ford Motor Co., General Motors Co.
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Amount: | $1,155,000
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Maturity: | July 10, 2026
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Coupon: | 30% 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: | If each stock finishes at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, lose 1% for every 1% decline of the worst performer from initial level
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Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly observation date after three months
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Initial levels: | $274.43 for Tesla, $14.98 for Ford, $39.61 for GM
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Coupon barriers: | $192.10 for Tesla, $10.49 for Ford, $27.73 for GM; 70% of initial levels
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Final barriers: | $137.22 for Tesla, $7.49 for Ford, $19.81 for GM; 50% of initial levels
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Pricing date: | July 7
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Settlement date: | July 12
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Agent: | Barclays
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Fees: | 0.75%
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Cusip: | 06745MN61
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