New Issue: Barclays sells $374,000 phoenix autocallable notes on Tesla

By Kiku Steinfeld

Chicago, Feb. 26 – Barclays Bank plc priced $374,000 of phoenix autocallable notes due July 2, 2026 linked to the performance of Tesla, Inc., according to a 424B2 filing with Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 17.5% if the stock closes at or above its 60% coupon barrier on a related observation date.

The notes will be called at par plus contingent coupon if the stock closes at or above its initial level on any quarterly call observation date after six months.

If the notes are not called and the stock finishes at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% decline in stock price from initial level.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Phoenix autocallable notes
Underlying stock:	Tesla, Inc.
Amount:	$374,000
Maturity:	July 2, 2026
Coupon:	17.5% annualized, payable quarterly if stock closes at or above coupon barrier on related observation date
Price:	Par
Payout at maturity:	Par plus final coupon unless underlying stock finishes below final barrier, in which case full exposure to loss of stock
Call:	At par plus contingent coupon if underlying stock closes at or above initial level on any quarterly call observation date after six months
Initial level:	$256.24
Coupon barrier:	$153.74; 60% of initial level
Final barrier:	$153.74; 60% of initial level
Pricing date:	June 28, 2023
Settlement date:	June 30, 2023
Agent:	Barclays
Fees:	4%
Cusip:	06745MK56

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