Published on 6/1/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $278,000 phoenix autocallable notes on two stocks
By Kiku Steinfeld
Chicago, June 1 – Barclays Bank plc priced $278,000 of phoenix autocallable notes due April 29, 2024 linked to the least performing of Goldman Sachs Group, Inc. and Berkshire Hathaway 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 7.5% if each stock closes at or above its 70% 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 70% 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: | Berkshire Hathaway Inc. and Goldman Sachs Group, Inc.
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Amount: | $278,000
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Maturity: | April 29, 2024
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Coupon: | 7.5% 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: | Automatically at par plus contingent coupon if each stock closes at or above 100% of initial level on any monthly call observation date after three months
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Initial levels: | $311.30 for Berkshire, $348.33 for Goldman
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Coupon barriers: | $217.91 for Berkshire, $243.83 for Goldman; 70% of initial levels
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Final barriers: | $217.91 for Berkshire, $243.83 for Goldman; 70% of initial levels
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Pricing date: | Jan. 24, 2023
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Settlement date: | Jan. 27, 2023
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Agent: | Barclays
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Fees: | 2.35%
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Cusip: | 06749NHW5
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