Published on 7/16/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million autocallable contingent coupon notes on Truist
Chicago, July 17 – Barclays Bank plc priced $1 million of autocallable contingent coupon notes due July 13, 2028 linked to the common stock of Truist Financial Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a 12.4% annualized rate if the stock closes at or above its 50% coupon barrier value on the related observation date. Previously unpaid coupons will also be paid.
The notes will be called at par if the stock closes at or above its initial share price on any quarterly call observation starting after one year.
The payout at maturity will be par unless the stock finishes below 50% of its initial share price, in which case investors will lose 1% for each 1% decline from the initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
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| Underlying stock: | Truist Financial Corp.
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| Amount: | $1,000,000
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| Maturity: | July 13, 2028
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| Contingent coupon: | 12.4% per year, payable quarterly if stock closes at or above coupon barrier level on related observation date; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below barrier level, in which case 1% loss for each 1% decline from initial level
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| Call: | At par if stock closes at or above initial share price on any quarterly call observation date starting after one year
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| Initial share price: | $32.19
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| Coupon barrier level: | $16.10, 50% of initial share price
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| Barrier level: | $16.10, 50% of initial share price
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| Pricing date: | July 10
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| Settlement date: | July 13
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| Agent: | Barclays
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| Fees: | 3.35%
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| Cusip: | 06745MQF8
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