Published on 2/5/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $705,000 phoenix autocallable notes tied to three stocks
Chicago, Feb. 5 – Barclays Bank plc priced $705,000 of phoenix autocallable notes due May 15, 2025 linked to the least performing of the stocks of Occidental Petroleum Corp., Devon Energy Corp. and Hess Corp., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 16% if each 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 each stock closes at or above its initial level on any monthly call observation date starting after six months.
If the notes are not called and each stock finishes at or above its 50% final barrier, the payout at maturity will be par plus any final coupon.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level, payable in cash or shares of that stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Occidental Petroleum Corp., Devon Energy Corp. and Hess Corp.
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| Amount: | $705,000
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| Maturity: | May 15, 2025
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| Coupon: | 16% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | If each stock finishes at or above final barrier, par plus any final coupon; otherwise, full exposure to decline of the worst performer from initial level, payable in cash or shares of that stock
|
| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly observation date starting after six months
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| Initial levels: | $58.09 for Occidental, $47.52 for Devon, $132.79 for Hess
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| Coupon barriers: | $29.05 for Occidental, $23.76 for Devon, $66.40 for Hess; 50% of initial levels
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| Final barriers: | $29.05 for Occidental, $23.76 for Devon, $66.40 for Hess; 50% of initial levels
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| Pricing date: | May 12, 2023
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| Settlement date: | May 17, 2023
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| Agent: | Barclays
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| Fees: | 2.875%
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| Cusip: | 06745MD70
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