By Wendy Van Sickle
Columbus, Ohio, Nov. 10 – Barclays Bank plc priced $22.87 million of trigger phoenix autocallable optimization securities due Nov. 9, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the trigger level – 50% of the initial level – on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 3.3%. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial level on a quarterly observation date after six months, the notes will be called at par plus the contingent coupon.
If the notes are not called and the index finishes at or above the trigger level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the decline from the initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Trigger phoenix autocallable optimization securities
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Underlying index: | S&P 500
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Amount: | $22.87 million
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Maturity: | Nov. 9, 2023
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Coupon: | 3.3%, payable quarterly if index closes at or above trigger level on observation date for that quarter
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Price: | Par of $10.00
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Payout at maturity: | Par plus contingent coupon if index finishes at or above trigger level; otherwise, par plus index return
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Call: | Automatically at par plus contingent coupon if index closes at or above initial level on a quarterly observation date after six months
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Initial level: | 4,697.5
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Trigger level: | 2,348.77, 50% of initial price
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Pricing date: | Nov. 5
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Settlement date: | Nov. 10
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Underwriter: | Barclays
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Fees: | 0.25%
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Cusip: | 90301J295
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