Published on 8/2/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $960,000 phoenix autocallable notes on four stocks
By Kiku Steinfeld
Chicago, Aug. 2 – Barclays Bank plc priced $960,000 of phoenix autocallable notes due Jan. 9, 2025 linked to the least performing of the common stocks of Caesars Entertainment, Inc., Microsoft Corp., Advanced Micro Devices, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 15.5% if each stock 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 stock closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any stock finishes below 50% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Caesars Entertainment, Inc., Microsoft Corp., Advanced Micro Devices, Inc. and Alphabet Inc.
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| Amount: | $960,000
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| Maturity: | Jan. 9, 2025
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| Coupon: | 15.5% 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: | Par unless any stock finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing stock
|
| Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly observation date after six months
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| Initial levels: | $86.60 for Caesars, $2,751.02 for Alphabet, $313.88 for Microsoft, $136.23 for AMD
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| Coupon barriers: | $51.96for Caesars, $1,650.61for Alphabet, $188.33 for Microsoft, $81.74 for AMD; 60% of initial levels
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| Final barriers: | $43.30 for Caesars, $1,375.51 for Alphabet, $156.94 for Microsoft, $68.12 for AMD; 50% of initial levels
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| Pricing date: | Jan. 7
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| Settlement date: | Jan. 12
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06748X4Q1
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