Published on 9/6/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $583,000 phoenix autocallable notes on three stocks
By Kiku Steinfeld
Chicago, Sept. 6 – Barclays Bank plc priced $583,000 of phoenix autocallable notes due Feb. 28, 2025 linked to the least performing of the common stocks of Qualcomm, Inc., Walt Disney Co. and General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 17% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any monthly call observation date after three months.
The payout at maturity will be par if each stock finishes at or above its 60% final barrier.
Otherwise, investors will lose 1% for each 1% decline of the worst performing stock from its initial level, payable in shares of that stock or in cash at the option of the issuer.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Qualcomm, Inc., Walt Disney Co. and General Motors Co.
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| Amount: | $583,000
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| Maturity: | Feb. 28, 2025
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| Coupon: | 17% per year annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par if each stock finishes at or above its final barrier; otherwise, 1% loss for each 1% decline of the worst performing stock from its initial level, payable in shares of that stock or in cash at the option of the issuer
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any monthly call observation date after three months
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| Initial levels: | $123.53 for Qualcomm, $99.61 for Disney, $38.74 for GM
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| Coupon barrier levels: | $74.12 for Qualcomm, $59.77 for Disney, $23.24 for GM, 60% of initial levels
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| Barrier levels: | $74.12 for Qualcomm, $59.77 for Disney, $23.24 for GM, 60% of initial levels
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| Equity ratios: | 8.0952 for Qualcomm, 10.03915 for Disney, 25.81311 for GM
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| Pricing date: | Feb. 28, 2023
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| Settlement date: | March 7, 2023
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06741WZ86
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