Published on 5/1/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.58 million autocallable contingent coupon notes on two indexes
By Wendy Van Sickle
Columbus, Ohio, May 1 – Barclays Bank plc priced $1.58 million of autocallable contingent coupon notes due April 24, 2026 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 8% if each underlier closes at or above its coupon barrier level, 70% of its initial level, on the review date for that period.
The notes will be automatically called at par plus the contingent coupon if each underlier closes at or above its initial level on any semiannual review date.
If the notes have not been called, the payout at maturity will be par unless any underlier finishes below its 70% trigger level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying assets: | Russell 2000 index, S&P 500 index
|
| Amount: | $1,581,000
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| Maturity: | April 24, 2026
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| Coupon: | 8% annual rate, payable semiannually if each underlier closes at or above coupon barrier level on review date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlier finishes below its trigger level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
|
| Call: | Automatically at par plus contingent coupon if each underlier closes at or above initial level on any semiannual review date
|
| Initial levels: | 4,133.52 for S&P, 1,7791.506 for Russell
|
| Coupon barriers: | 2,893.46 for S&P, 1,254.05 for Russell; 70% of initial levels
|
| Trigger levels: | 2,893.46 for S&P, 1,254.05 for Russell; 70% of initial levels
|
| Pricing date: | April 21
|
| Settlement date: | April 26
|
| Agent: | Barclays
|
| Fees: | 1.95%
|
| Cusip: | 06745M2H0
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