Published on 9/15/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.12 million phoenix autocallable notes on International Flavors & Fragrances
By Wendy Van Sickle
Columbus, Ohio, Sept. 15 – Barclays Bank plc priced $1.12 million of phoenix autocallable notes due March 5, 2025 linked to the common stock of International Flavors & Fragrances Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13.9% if the stock closes at or above its 70% coupon barrier on a related observation date.
Beginning, the notes will be called at par if the stock closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par plus the final coupon unless the stock finishes below 70% of its initial level, in which case investors will be fully exposed to the losses of the stock.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stock: | International Flavors & Fragrances Inc.
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Amount: | $1,122,000
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Maturity: | March 5, 2025
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Coupon: | 13.9% annualized, payable quarterly if 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 plus final coupon unless stock finishes below final barrier, in which case full exposure to loss of stock
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Call: | At par if stock closes at or above initial level on any quarterly call observation date
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Initial share price: | $70.45
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Coupon barrier: | $49.32, 70% of initial share price
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Final barrier: | $49.32, 70% of initial share price
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Pricing date: | Aug. 31
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Settlement date: | Sept. 6
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Agent: | Barclays
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Fees: | 2.75%
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Cusip: | 06745NDD5
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