Published on 7/28/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.44 million 9.87% autocallable step down fixed coupon notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 28 – Barclays Bank plc priced $1.44 million of 9.87% autocallable step down fixed coupon notes due Jan. 17, 2025 linked to the stock performance of CVS Health Corp., Danaher Corp. and Lam Research Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The notes will be automatically called at par plus the coupon if each stock closes at or above its call threshold level on any monthly observation date after three months. Call threshold level will be equal to 95% of initial level for the first three call dates, stepping down to 90% of initial level the remaining call dates.
If each stock finishes at or above its barrier level, 55% of initial level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial level or, at the issuer’s option, the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable step down fixed coupon notes
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| Underlying stocks: | CVS Health Corp., Danaher Corp., Lam Research Corp.
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| Amount: | $1.44 million
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| Maturity: | Jan. 17, 2025
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| Coupon: | 9.87% per year, paid monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above barrier level, par plus final coupon; otherwise, receive a number of shares of the worst performer equal to its equity ratio or, at the issuer’s option, the cash equivalent
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| Call: | At par plus coupon if each stock closes at or above its call threshold level on any monthly observation date after three months; call threshold level will be 95% of initial level for the first three call dates, stepping down to 90% of initial level for the remaining call dates
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| Initial levels: | $74.87 for CVS Health, $244.38 for Danaher, $15.52 for Lam Research
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| Barrier levels: | $41.18 for CVS Health, $134.41 for Danaher, $338.54 for Lam Research; 55% of initial levels
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| Equity ratios: | 13.35648 for CVS Health, 4.09199 for Danaher, 1.62464 for Lam Research; shares delivered per note
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| Pricing date: | July 21
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| Settlement date: | July 31
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| Agent: | Barclays
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| Fees: | 2.5%
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| Cusip: | 06741W6M7
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