Published on 9/16/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.05 million phoenix autocallable notes on two funds
Chicago, Sept. 16 – Barclays Bank plc priced $1.05 million of phoenix autocallable notes due Jan. 29, 2024 linked to the least performing of the Invesco QQQ Trust, series 1 and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each fund closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each fund closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par plus any coupon unless any fund finishes below 70% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing fund, payable in shares or cash at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying funds: | Invesco QQQ Trust, series 1 and SPDR S&P 500 ETF trust
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| Amount: | $1,050,000
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| Maturity: | Jan. 29, 2024
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| Coupon: | 10% annualized, payable quarterly if each fund closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon unless any fund finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing fund
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial level on any quarterly call observation date
|
| Initial levels: | $353.30 for QQQ, $439.84 for S&P
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| Coupon barrier levels: | $247.31 for QQQ, $307.89 for S&P; 70% of initial levels
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| Final barrier levels: | $247.31 for QQQ, $307.89 for S&P; 70% of initial levels
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 28
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| Agent: | Barclays
|
| Fees: | 1.35%
|
| Cusip: | 06741WS84
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