Published on 7/19/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.11 million autocallable contingent coupon notes on S&P, Russell
By William Gullotti
Buffalo, N.Y., July 19 – Barclays Bank plc priced $1.11 million of autocallable contingent coupon notes due July 16, 2024 linked to the least performing of the Russell 2000 index and the S&P 500 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 9.9% if each index closes at or above its coupon barrier level, 70% of its initial level, on the review date for that period.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date.
If the notes have not been called, the payout at maturity will be par unless any index closes below its 70% trigger level on any trading day during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1.11 million
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| Maturity: | July 16, 2024
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| Coupon: | 9.9% annual rate, payable quarterly if each index closes at or above coupon barrier level on review date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any index closes below its trigger level on any trading day during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below 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 review date
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| Initial levels: | 4,439.26 for S&P, 1,913.361 for Russell
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| Coupon barrier: | 3,107.48 for S&P, 1,339.35 for Russell; 70% of initial levels
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| Trigger levels: | 3,107.48 for S&P, 1,339.35 for Russell; 70% of initial levels
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| Pricing date: | July 11
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| Settlement date: | July 14
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| Agent: | Barclays
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| Fees: | 0.725%
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| Cusip: | 06745MRH3
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