Published on 6/15/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.79 million contingent income autocalls on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, June 15 – Barclays Bank plc priced $2.79 million of contingent income autocallable securities due June 12, 2025 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 9.65% per year if each index closes at or above its downside threshold level, 70% of its initial level, on the observation date.
The notes will be automatically called at par plus any coupon otherwise due if each index closes at or above its initial level on any observation date.
If each index finishes at or above its downside threshold level, the payout at maturity will be par plus the final coupon otherwise due. Otherwise, investors will lose 1% for every 1% that the least performing index declines from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is acting as a selected dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $2,791,000
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| Maturity: | June 12, 2025
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| Coupon: | 9.65% per year, payable quarterly if each index closes at or above downside threshold level on the observation date
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold level, par plus final coupon otherwise due; otherwise, 1% loss for every 1% that least performing index declines from initial level
|
| Call: | Automatically at par plus any coupon otherwise due if each index closes at or above initial level on any observation date
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| Initial index levels: | 4,298.86 for S&P, 14,528.36 for Nasdaq, 1,865.706 for Russell
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| Downside threshold levels: | 3,009.202 for S&P, 10,169.852 for Nasdaq, 1,305.994 for Russell; 70% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 14
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| Agent: | Barclays
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2%
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| Cusip: | 06745MHD3
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