Published on 2/24/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $13.9 million contingent income autocallables on S&P 500
By Wendy Van Sickle
Columbus, Ohio, Feb. 24 – Barclays Bank plc priced $13.9 million of contingent income autocallable securities due Feb. 20, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8%, paid quarterly, if the index closes at or above its 79% coupon barrier on relevant observation date.
The securities will be called automatically at par if the index’s closing level is greater than or equal to its initial level on any quarterly valuation date after six months.
At maturity, the payout will be par unless the index finishes below its 79% downside threshold level, in which case investors will be fully exposed to the index decline.
Barclays is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable securities
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| Underlying index: | S&P 500 index
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| Amount: | $13,897,000
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| Maturity: | Feb. 20, 2026
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| Coupon: | 8% per year, paid quarterly if the index closes at or above its 79% coupon barrier on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par unless the index finishes below its 79% downside threshold level, in which case investors will be fully exposed to the index decline
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| Call: | Automatically at par if the index’s closing level is greater than or equal to its initial level on any quarterly valuation date after six months
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| Initial level: | 4,079.09
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| Coupon barrier: | 3,222.481, 79% of initial level
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| Downside threshold: | 3,222.481, 79% of initial level
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| Pricing date: | Feb. 17
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| Settlement date: | Feb. 23
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| Agent: | Barclays
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 06749NQP0
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