Published on 1/5/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.34 million autocallable contingent coupon barrier notes on three stocks
By William Gullotti
Buffalo, N.Y., Jan. 5 – Barclays Bank plc priced $4.34 million of autocallable contingent coupon barrier notes due Dec. 26, 2025 linked to the worst performing of the stocks of Amazon.com, Inc., Tesla, Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 21% if each stock closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial level on any monthly call observation date after one year.
If the notes are not called and each stock finishes at or above its coupon barrier level, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its final barrier price, 50% of its initial share price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stocks: | Amazon.com, Inc., Tesla, Inc., Apple Inc.
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| Amount: | $4.34 million
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| Maturity: | Dec. 26, 2025
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| Contingent coupon: | 21% per year, payable monthly if each stock closes at or above coupon barrier related observation date
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above its coupon barrier, par plus the final coupon; if the worst performer finishes below its coupon barrier but at or above its final barrier, par; otherwise, investors will be fully exposed to the laggard stock’s decline from its initial level
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| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly call observation date after one year
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| Initial levels: | $86.77 for Amazon, $137.57 for Tesla, $135.45 for Apple
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| Coupon barriers: | $52.06 for Amazon, $82.54 for Tesla, $81.27 for Apple; 60% of initial levels
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| Final barriers: | $43.39 for Amazon, $68.79 for Tesla, $67.73 for Apple; 50% of initial levels
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 27
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| Agent: | Barclays
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| Fees: | 1.1%
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| Cusip: | 06749NCQ3
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