Published on 4/22/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $550,000 phoenix autocallable notes on Moderna
By Kiku Steinfeld
Chicago, April 24 – Barclays Bank plc priced $550,000 of phoenix autocallable notes due Dec. 26, 2025 linked to the performance of Moderna, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 21.5% if the stock closes at or above its 50% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and the stock finishes at or above its final barrier price, 50% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the losses of the stock, payable in shares or cash at the issuer’s option.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stock: | Moderna, Inc.
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Amount: | $550,000
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Maturity: | Dec. 26, 2025
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Coupon: | 21.5% annualized, payable monthly if stock closes at or above coupon barrier on related observation date
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Price: | Par of $10,000
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Payout at maturity: | Par plus the final coupon unless underlying stock finishes below final barrier, in which case full exposure to loss of stock, payable as 47.99846 shares or cash at the issuer’s option
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Call: | At par plus contingent coupon if underlying stock closes at or above initial level on any quarterly call observation date after six months
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Initial level: | $208.34
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Coupon barrier: | $104.17; 50% of initial level
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Final barrier: | $104.17; 50% of initial level
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Pricing date: | Dec. 22
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Settlement date: | Dec. 28
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Agent: | Barclays
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Fees: | 2%
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Cusip: | 06741WYJ3
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