Published on 1/28/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $300,000 phoenix autocallable notes on Charles Schwab
By Kiku Steinfeld
Chicago, Jan. 29 – Barclays Bank plc priced $300,000 of phoenix autocallable notes due June 11, 2026 linked to the stock performance of Charles Schwab Corp., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 18.25% if the stock closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if the stock closes at or above its initial level on any monthly call observation date after three months.
If the notes are not called and the stock finishes at or above its final barrier price, 70% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to decline.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stock: | Charles Schwab Corp.
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Amount: | $300,000
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Maturity: | June 11, 2026
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Coupon: | 18.25% annualized, payable monthly 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 final coupon unless underlying stock finishes below final barrier, in which case full exposure to decline from initial level
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Call: | At par plus contingent coupon if underlying stock closes at or above initial level on any monthly call observation date after three months
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Initial level: | $55.03
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Coupon barrier: | $38.52; 70% of initial level
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Final barrier: | $38.52; 70% of initial level
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Pricing date: | June 9, 2023
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Settlement date: | June 14, 2023
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Agent: | Barclays
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Fees: | 0.6%
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Cusip: | 06745MJJ8
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