Published on 2/11/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $65,000 autocallable contingent coupon notes on three indexes
Chicago, Feb. 11 – Barclays Bank plc priced $65,000 of autocallable contingent coupon notes due May 29, 2026 linked to the least performing of the Nasdaq-100 index, 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 8% if each index closes at or above its coupon barrier level, 80% of its initial level, on the review date for that period, plus any previously unpaid coupons.
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 after six months.
If the notes have not been called and each index finishes at or above its 70% final barrier, the payout at maturity will be par plus any final coupon.
Otherwise, investors will be fully exposed to the losses of the worst performer.
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, Nasdaq-100 index, S&P 500 index
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| Amount: | $65,000
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| Maturity: | May 29, 2026
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| Coupon: | 8% annual rate, payable quarterly if each index closes at or above coupon barrier level on review date for that period, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus any coupon otherwise due if all three indexes finish above final barriers; otherwise, full exposure to losses of worst performer
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly review date after six months
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| Initial levels: | 4,151.28 for S&P, 13,938.53 for Nasdaq, 1,754.605 for Russell
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| Coupon barrier levels: | 3,321.02 for S&P, 11,150.82 for Nasdaq, 1,403.68 for Russell; 80% of initial levels
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| Final barrier levels: | 2,905.90 for S&P, 9,756.97 for Nasdaq, 1,228.22 for Russell; 70% of initial levels
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| Pricing date: | May 25, 2023
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| Settlement date: | May 31, 2023
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| Agent: | Barclays
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| Fees: | 2.8%
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| Cusip: | 06745MC55
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