Published on 7/17/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.34 million phoenix autocallable notes linked to Boeing, Ford, BofA
By William Gullotti
Buffalo, N.Y., July 17 – Barclays Bank plc priced $2.34 million of phoenix autocallable notes due July 3, 2025 linked to least performing of stocks of Boeing Co., Ford Motor Co. and Bank of America Corp., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 16.75% 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 60% barrier level, the payout at maturity will be par plus the final coupon.
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: | Boeing Co., Ford Motor Co., Bank of America Corp.
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| Amount: | $2,341,000
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| Maturity: | July 3, 2025
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| Coupon: | 16.75% 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 barrier level, par plus final coupon; 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
|
| 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: | $211.16 for Boeing, $15.13 for Ford, $28.69 for BofA
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| Coupon barriers: | $126.70 for Boeing, $9.08 for Ford, $17.21 for BofA; 60% of initial levels
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| Final barriers: | $126.70 for Boeing, $9.08 for Ford, $17.21 for BofA; 60% of initial levels
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| Equity ratio: | 4.73575 for Boeing, 66.09385 for Ford, 34.85535 for BofA; shares per note
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06741W5L0
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