By Sarah Lizee
Olympia, Wash., March 6 – Barclays Bank plc priced $2.18 million of phoenix autocallable notes Feb. 28, 2023 linked to the common stock of Shopify Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.5% if the stock closes at or above its 55% coupon barrier on a related observation date.
After three months, the notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par plus the coupon unless the stock finishes below 55% of its initial value, in which case investors will be fully exposed to the stock’s decline.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stock: | Shopify Inc.
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| Amount: | $2.18 million
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| Maturity: | Feb. 28, 2023
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| Coupon: | 11.5% 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 coupon unless stock finishes below final barrier level, in which case full exposure to stock’s decline
|
| Call: | After three months, at par plus contingent coupon if stock closes at or above initial level on any quarterly observation date other than the final one
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| Initial level: | $471.18
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| Coupon barriers: | $259.15, 55% of initial levels
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| Final barriers: | $259.15, 55% of initial levels
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| Pricing date: | Feb. 26
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| Settlement date: | Feb. 28
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| Agent: | Barclays
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| Fees: | 3.15%
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| Cusip: | 06747PCW7
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