Published on 3/28/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $875,000 phoenix autocallable notes on indexes, ETF
By Kiku Steinfeld
Chicago, March 28 – Barclays Bank plc priced $875,000 of phoenix autocallable notes due Dec. 11, 2025 linked to the least performing of the iShares Russell 2000 Value ETF, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10.3% if each underlier closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each underlier closes at or above its initial level on any monthly call observation date after one year.
The payout at maturity will be par if each underlier finishes at or above its 50% final barrier.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying assets: | iShares Russell 2000 Value ETF, the Nasdaq-100 index and the S&P 500 index
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Amount: | $875,000
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Maturity: | Dec. 11, 2025
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Coupon: | 10.3% annualized, payable monthly if each underlier closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par if each underlier finishes at or above its final barrier; otherwise, 1% loss for each 1% decline of the worst performer from initial level
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Call: | Automatically at par plus contingent coupon if each underlier closes at or above initial level on any monthly call observation date after one year
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Initial levels: | 3,941.26 for S&P, $144.11 for fund, 11,549.69 for Nasdaq
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Coupon barriers: | 2,758.88 for S&P, $100.88 for fund, 8,084.78 for Nasdaq; 70% of initial levels
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Final barriers: | 1,970.63 for S&P, $72.06 for fund, 5,774.84 for Nasdaq; 50% of initial levels
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Pricing date: | Dec. 6
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Settlement date: | Dec. 9
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Agent: | Barclays
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Fees: | 0.7%
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Cusip: | 06749NAE2
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