Published on 10/4/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.51 million phoenix autocallable notes on Nasdaq, MidCap 400, S&P
By William Gullotti
Buffalo, N.Y., Oct. 4 – Barclays Bank plc priced $1.51 million of phoenix autocallable notes due Oct. 2, 2025 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the S&P MidCap 400 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 10.5% if each index closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus the final coupon unless any index finishes below 60% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing index 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 indexes: | S&P 500 index, S&P MidCap 400 index, Nasdaq-100 index
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| Amount: | $1,509,000
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| Maturity: | Oct. 2, 2025
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| Coupon: | 10.5% annualized, payable quarterly if each index closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any index finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing index from its initial level
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| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after six months
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| Initial levels: | 3,719.04 for S&P, 11,493.83 for Nasdaq, 2,265.96 for MidCap 400
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| Coupon barriers: | 2,231.42 for S&P, 6,896.3 for Nasdaq, 1,359.58 for MidCap 400; 60% of initial levels
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| Final barriers: | 2,231.42 for S&P, 6,896.3 for Nasdaq, 1,359.58 for MidCap 400; 60% of initial levels
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| Pricing date: | Sept. 28
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| Settlement date: | Oct. 3
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| Agent: | Barclays
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| Fees: | 0.6%
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| Cusip: | 06748XVR9
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