Published on 1/24/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.42 million phoenix autocallable notes linked to three stocks
By William Gullotti
Buffalo, N.Y., Jan. 24 – Barclays Bank plc priced $1.42 million of phoenix autocallable notes due Jan. 2, 2026 linked to least performing of stocks of Advanced Micro Devices, Inc., Walt Disney Co. and Uber Technologies, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 31% if each stock closes at or above its 60% coupon barrier on a related observation date.
After three months, 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.
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 at maturity will be par.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or the cash equivalent at the issuer’s option.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Advanced Micro Devices, Inc., Walt Disney Co., Uber Technologies, Inc.
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Amount: | $1,419,000
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Maturity: | Jan. 2, 2026
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Coupon: | 31% 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 level, par plus final coupon; if worst performer finishes below coupon barrier but not below final barrier, par; otherwise, investors will receive a number of shares of the worst performer equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
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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: | $62.57 for AMD, $84.17 for Disney, $24.59 for Uber
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Coupon barriers: | $37.54 for AMD, $50.50 for Disney, $14.75 for Uber; 60% of initial levels
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Final barriers: | $31.28 for AMD, $42.08 for Disney, $12.30 for Uber; 50% of initial levels
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Equity ratio: | 15.9821 for AMD, 11.88072 for Disney, 40.66694 for Uber; shares per note
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Pricing date: | Dec. 28
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Settlement date: | Jan. 3
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Agent: | Barclays
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Fees: | 3.25%
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Cusip: | 06741WYF1
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