Published on 8/14/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $603,000 autocallable contingent coupon notes on S&P, Russell, Nasdaq
By Angela McDaniels
Tacoma, Wash., Aug. 14 – Barclays Bank plc priced $603,000 of autocallable contingent coupon notes due Sept. 17, 2026 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 10.75% if each index closes at or above its coupon barrier level, 80% of its initial level, on the valuation date for that period. Any previously unpaid coupons will also be paid.
Beginning in March 2023, the notes will be automatically called at par if each index closes at or above its initial level on any monthly observation date.
If each index finishes at or above its 60% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the least performing index’s decline from 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: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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| Amount: | $603,000
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| Maturity: | Sept. 17, 2026
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| Contingent coupon: | 10.75% per year, payable monthly if each index closes at or above coupon barrier on valuation date for that period; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above final barrier; otherwise, investors will lose 1% for each 1% decline of least performing index
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| Call: | Beginning in March 2023, automatically at par if each index closes at or above initial level on any monthly observation date
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| Initial levels: | 4,110.41 for S&P, 1,906.09 for Russell and 12,739.72 for Nasdaq
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| Coupon barrier levels: | 3,288.33 for S&P, 1,524.87 for Russell and 10,191.78 for Nasdaq, or 80% of initial levels
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| Final barrier levels: | 2,466.25 for S&P, 1,143.68 for Russell and 7,643.83 for Nasdaq, or 60% of initial levels
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| Pricing date: | Sept. 12, 2022
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| Settlement date: | Sept. 15, 2022
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06748XSQ5
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