Published on 2/7/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.44 million phoenix autocallable notes linked to three tech stocks
By William Gullotti
Buffalo, N.Y., Feb. 7 – Barclays Bank plc priced $4.44 million of phoenix autocallable notes due Jan. 30, 2025 linked to the stock performance of Meta Platforms, Inc., Advanced Micro Devices, Inc. and Amazon.com, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 26% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if each stock closes at or above its initial level on any quarterly 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
|
| Issue: | Phoenix autocallable notes
|
| Underlying stocks: | Meta Platforms, Inc., Advanced Micro Devices, Inc., Amazon.com, Inc.
|
| Amount: | $4,439,000
|
| Maturity: | Jan. 30, 2025
|
| Coupon: | 26% annualized, payable quarterly if each stock closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| 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 quarterly observation date
|
| Initial levels: | $151.74 for Meta, $75.40 for AMD, $102.24 for Amazon
|
| Coupon barriers: | $91.04 for Meta, $45.24 for AMD, $61.34 for Amazon; 60% of initial levels
|
| Final barriers: | $91.04 for Meta, $45.24 for AMD, $61.34 for Amazon; 60% of initial levels
|
| Equity ratio: | 6.59022 for Meta, 13.2626 for AMD, 9.78091 for Amazon; shares per note
|
| Pricing date: | Jan. 27
|
| Settlement date: | Feb. 1
|
| Agent: | Barclays
|
| Fees: | 3.25%
|
| Cusip: | 06741WYW4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
