Published on 6/30/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.67 million autocallable contingent coupon notes on stocks
By Wendy Van Sickle
Columbus, Ohio, June 30 – Barclays Bank plc priced $2.67 million of autocallable contingent coupon notes due June 26, 2026 linked to the least performing of the common stocks of Netflix, Inc., Tesla, Inc. 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 at an 18.6% annualized rate if the lowest stock closes at or above its 50% coupon barrier value on the related observation date.
The notes will be automatically called if all three stocks close above their initial levels on any quarterly call valuation date starting after six months.
The payout at maturity will be par if all three stocks close above 80% of their respective initial levels. Otherwise, investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | Tesla, Inc., Netflix, Inc. and Alphabet Inc.
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| Amount: | $2,666,000
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| Maturity: | June 26, 2026
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| Contingent coupon: | 18.6% 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 any stock finishes below barrier level, in which case 1% loss for each 1% decline of worst performing stock
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| Call: | Automatically at par if all three stocks close above initial levels on any quarterly call valuation date starting after six months
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| Initial levels: | $123.02 for Alphabet, $424.02 for Netflix, $256.60 for Tesla
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| Coupon barrier levels: | $61.51 for Alphabet, $212.01 for Netflix, $128.30 for Tesla, 50% of initial levels
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| Barrier levels: | $61.51 for Alphabet, $212.01 for Netflix, $128.30 for Tesla, 50% of initial levels
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| Pricing date: | June 23
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| Settlement date: | June 28
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| Agent: | Barclays
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| Fees: | 1.95%
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| Cusip: | 06745MK31
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