Published on 6/21/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.41 million buffered autocallable contingent coupon notes on tech stocks
Chicago, June 21 – Barclays Bank plc priced $1.41 million of buffered autocallable contingent coupon notes due June 4, 2026 linked to the least performing of the common stocks of Apple Inc., Amazon.com, Inc. and Microsoft Corp. and the class C capital stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of at a 13.25% annualized rate if the lower stock closes at or above its 60% coupon barrier value on the related observation date.
The notes will be automatically called if all four stocks close above their initial levels on any quarterly call valuation date starting after one year.
The payout at maturity will be par if all four stocks close above 80% of their respective initial levels. Otherwise, investors will lose 1% for each 1% decline beyond the 20% buffer.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered autocallable contingent coupon notes
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| Underlying stocks: | Apple Inc., Amazon.com, Inc. and Microsoft Corp. and Alphabet Inc.
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| Amount: | $1,408,000
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| Maturity: | June 4, 2026
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| Contingent coupon: | 13.25% annual rate, payable quarterly if the lowest stock closes at or above coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below buffer level; in which case 1% loss for each 1% decline beyond 20% buffer
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| Call: | Automatically at par if all four stocks close above initial levels on any quarterly call valuation date starting after one year
|
| Initial levels: | $123.37 for Alphabet, $177.25 for Apple, $120.58 for Amazon, $328.39 for Microsoft
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| Coupon barrier levels: | $74.02 for Alphabet, $106.35 for Apple, $72.35 for Amazon, $197.03 for Microsoft, 60% of initial levels
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| Buffer levels: | $98.70 for Alphabet, $141.80 for Apple, $96.46 for Amazon, $262.71 for Microsoft, 80% of initial levels
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| Pricing date: | May 31
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| Settlement date: | June 5
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06745MF37
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