Published on 4/28/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $550,000 phoenix autocallable notes on Nvidia
By Kiku Steinfeld
Chicago, April 28 – Barclays Bank plc priced $550,000 of phoenix autocallable notes due Dec. 29, 2025 linked to the performance of Nvidia Corp., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 17.4% if the stock closes at or above its 50% coupon barrier on a related observation date.
The notes will be called at par plus 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 exposed to the stock’s decline from its initial level, payable as a number of shares equal to $1,000 divided by the initial share price at the issuer’s option or the cash equivalent 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: | Nvidia Corp.
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| Amount: | $550,000
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| Maturity: | Dec. 29, 2025
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| Coupon: | 17.4% 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 unless underlying stock finishes below final barrier, in which case full exposure to loss of stock, payable as 65.76351 shares per note or the cash equivalent at 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: | $152.06
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| Coupon barrier: | $76.03, 50% of initial level
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| Final barrier: | $76.03, 50% of initial level
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| Pricing date: | Dec. 23, 2022
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| Settlement date: | Dec. 29, 2022
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| Agent: | Barclays
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| Fees: | 2%
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| Cusip: | 06741WYK0
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