Published on 4/28/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $590,000 phoenix autocallable notes on oil stocks
By Kiku Steinfeld
Chicago, April 28 – Barclays Bank plc priced $590,000 of phoenix autocallable notes due Dec. 31, 2024 linked to the stock performance of ConocoPhillips, Chevron Corp. and Exxon Mobile Corp., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 15% 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.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the lesser performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | ConocoPhillips, Chevron Corp. and Exxon Mobil Corp.
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| Amount: | $590,000
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| Maturity: | Dec. 31, 2024
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| Coupon: | 15% 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 barrier level, par; otherwise, full exposure to decline of the lesser performing stock
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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 six months
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| Initial levels: | $110.19 for Exxon, $179.63for Chevron, $118.47 for Conoco
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| Coupon barriers: | $66.11 for Exxon, $107.78 for Chevron, $66.11 for Conoco; 60% of initial levels
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| Final barriers: | $66.11 for Exxon, $107.78 for Chevron, $66.11 for Conoco; 60% of initial levels
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| Pricing date: | Dec. 27, 2022
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| Settlement date: | Dec. 29, 2022
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06749NDJ8
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