Published on 10/25/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million phoenix autocallable notes on Russell index
Chicago, Oct. 25 – Barclays Bank plc priced $1 million of phoenix autocallable notes due Feb. 26, 2026 linked to the Russell 2000 index, according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.9% if the index closes at or above its 75% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if the index closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par unless the index finishes below 75% of its initial value in which case investors will be fully exposed to the losses of the index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying index: | Russell 2000 index
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Amount: | $1,000,000
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Maturity: | Feb. 26, 2026
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Coupon: | 9.9% annualized, payable quarterly if 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 unless underlying index finishes below final barrier, in which case full exposure to loss of index
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Call: | At par plus contingent coupon if underlying index closes at or above initial level on any quarterly call observation date after six months
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Initial level: | 1,944.092
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Coupon barrier level: | 1,458.07; 75% of initial level
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Final barrier level: | 1,458.07; 75% of initial level
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Agent: | Barclays
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Fees: | None
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Cusip: | 06748XGU9
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