Published on 10/13/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.31 million phoenix autocallable notes tied to Amazon, Meta, Boeing
By William Gullotti
Buffalo, N.Y., Oct. 13 – Barclays Bank plc priced $1.31 million of phoenix autocallable notes due Oct. 2, 2025 linked to the least performing of the stocks of Amazon.com, Inc., Meta Platforms, Inc. and Boeing Co., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 17.25% if each 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 each stock closes at or above its initial level on any monthly call observation date after three months.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout will be par plus the final coupon.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial level or, at the issuer’s option, the cash equivalent.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Amazon.com, Inc., Meta Platforms, Inc., Boeing Co.
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Amount: | $1,311,000
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Maturity: | Oct. 2, 2025
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Coupon: | 17.25% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | If each stock finishes at or above final barrier, par plus final coupon; otherwise, receive a number of shares of the worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
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Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly observation date after three months
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Initial levels: | $127.12 for Amazon, $300.21 for Meta, $191.68 for Boeing
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Coupon barriers: | $76.27 for Amazon, $180.13 for Meta, $115.01 for Boeing; 60% of initial levels
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Final barriers: | $76.27 for Amazon, $180.13 for Meta, $115.01 for Boeing; 60% of initial levels
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Equity ratios: | 7.86658 for Amazon, 3.331 for Meta, 5.21703 for Boeing; share delivery per note
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Pricing date: | Sept. 29
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Settlement date: | Oct. 4
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Agent: | Barclays
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Fees: | 3.25%
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Cusip: | 06744EAJ6
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