Published on 6/13/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.85 million phoenix autocallable notes on S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, June 13 – Barclays Bank plc priced $1.85 million of phoenix autocallable notes due May 30, 2025 linked to the least performing of 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 8% if each index closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any monthly call observation date after three months.
The payout at maturity will be par plus the final coupon if each index finishes at or above 60% of its initial level.
Otherwise, investors will lose 1% for each 1% decline of the worst performing index 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 indexes: | Nasdaq-100 index, S&P 500 index
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Amount: | $1,849,000
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Maturity: | May 30, 2025
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Coupon: | 8% annualized, payable monthly if each index closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each index finishes at or above its final barrier; otherwise, 1% loss for each 1% decline of the worst performing index from its initial level
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Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any monthly call observation date after three months
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Initial levels: | 14,298.41 for Nasdaq, 4,205.45 for S&P
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Coupon barriers: | 8,579.05 for Nasdaq, 2,523.27 for S&P; 60% of initial levels
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Final barriers: | 8,579.05 for Nasdaq, 2,523.27 for S&P; 60% of initial levels
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Pricing date: | May 26
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Settlement date: | June 1
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Agent: | Barclays
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Fees: | 0.6%
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Cusip: | 06745MEL8
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