Published on 4/29/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.24 million phoenix autocallable notes on Nasdaq, Russell, Dow
By Kiku Steinfeld
Chicago, April 29 – Barclays Bank plc priced $2.24 million of phoenix autocallable notes due May 5, 2025 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 7% if each index closes at or above its 75% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any monthly call observation date after three months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above 70% of its initial value, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying indexes: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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Amount: | $2,236,000
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Maturity: | May 5, 2025
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Coupon: | 7% annualized, payable monthly if each index 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 if each index finishes at or above its coupon barrier; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, 1% loss for each 1% decline of the worst performing index from its initial level
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Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any monthly call observation date after three months
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Initial levels: | 35,559.53 for Dow, 2,003.177 for Russell and 15,757 for Nasdaq
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Coupon barrier levels: | 26,669.65 for Dow, 1,502.38 for Russell and 11,817.75 for Nasdaq, or 75% of initial levels
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Final barrier levels: | 24,891.67 for Dow, 1,402.22 for Russell and 11,029.90 for Nasdaq, or 70% of initial levels
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Pricing date: | July 31, 2023
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Settlement date: | Aug. 3, 2023
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Agent: | Barclays
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Fees: | 2.225%
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Cusip: | 06745MW20
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