Published on 6/21/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $393,000 contingent coupon autocalls on Nasdaq, Russell, Stoxx Banks
Chicago, June 21 – Barclays Bank plc priced $393,000 of market-linked securities that are autocallable with contingent coupon and contingent downside due May 27, 2027 linked to the least performing of the Euro Stoxx Banks index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.5% if each index closes at or above its 70% 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 quarterly call observation date after six months.
If the worst performer finishes at or above 70% of its initial value, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Barclays and Wells Fargo Securities, LLC are the agents.
Issuer: | Barclays Bank plc
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Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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Underlying indexes: | Euro Stoxx Banks index, Russell 2000 index, Nasdaq-100 index
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Amount: | $393,000
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Maturity: | May 27, 2027
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Coupon: | 12.5% annualized, payable quarterly 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 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 quarterly call observation date after six months
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Initial levels: | 98.40 for Stoxx Banks, 14,254.09 for Nasdaq, 1,749.65 for Russell
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Coupon barriers: | 68.88 for Stoxx Banks, 9,977.863 for Nasdaq, 1,224.755 for Russell; 70% of initial levels
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Final barriers: | 68.88 for Stoxx Banks, 9,977.863 for Nasdaq, 1,224.755 for Russell; 70% of initial levels
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Pricing date: | May 31
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Settlement date: | June 5
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Agents: | Barclays and Wells Fargo Securities, LLC
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Fees: | 2.325%
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Cusip: | 06745M6L7
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